Hong Kong developer Lai Sun Development, chaired by businessman Peter Lam Kin-ngok, who also chairs the city’s Tourism Board, has launched an exchange offer for its outstanding US$493 million worth of 5 per cent guaranteed notes due July 2026, in an effort to relieve short-term liquidity pressures, the company said Monday in a filing to the Hong Kong stock exchange. Eligible noteholders can swap their existing holdings for new, US dollar-denominated senior guaranteed notes carrying an 8 per cent...

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,...