Hong Kong billionaire Li Ka-shing’s flagship property developer CK Asset Holdings has sold a penthouse mansion at a luxury development in Mid-Levels in Central for HK$362 million (US$46.2 million), setting a per square foot price record for first-hand transactions this year. The 2,911 sq ft unit on the 20th floor of the second phase of 21 Borrett Road went for HK$124,356 per square foot via public tender, according to a statement from the developer on Sunday. The unit that was sold “boasts an...

Hong Kong’s older office assets and their struggling landlords could face more challenges as the wider adoption of artificial intelligence (AI) by firms in the city leads companies to relocate to newer buildings that better support their requirements, according to real estate consultancy Knight Frank. AI is poised to usher in more changes in Hong Kong’s commercial office space, and landlords may have to act fast to either refurbish their assets or convert them for new uses, said Lee Elliott,...