Investors have been waiting for clues that Victor Li has inherited the investing savvy of his 90-year-old father.Victor Li with his father Li Ka-shing. The elder son of Hong Kong's richest man took over as chairman of CK Asset and group flagship CK Hutchison Holdings upon his father's retirement last year.HONG KONG billionaire Li Ka-shing built his fortune and legendary reputation by displaying an uncanny ability to time asset markets.
The mixed-use development is CK's single-biggest Shanghai project, so a decision to sell could be seen as a significant call on the city's office market.Foreigners accounted for about half the 53 billion yuan in commercial property deals in the first quarter, a more than fourfold jump from what they spent a year earlier, according to figures from real estate broker CBRE Group.
Hong Kong's office capital values fell 0.3 per cent in the six months through March, according to Denis Ma, head of research at Jones Lang LaSalle. China's economic growth has slowed and a trade war with the US is picking up steam, both factors that are likely to damp demand from companies to lease space in the city's office buildings.
Granted, CK's development may not be a bellwether for Shanghai in the same way that The Center was for Hong Kong. The project, Upper West Shanghai, is outside the city's downtown area in the northwestern district of Putuo.
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