Who is cheung kong

Besides residential property developments, Li owns a land bank of Cheung Kong Holdings also includes highly profitable cement, quarrying, and ready-mixed concrete operations.

At the end of , after its first year on the Hong Kong stock market, the company had a total of 40 sites in its property portfolio, with a total floor area--after development--of about 2. Among the projects Cheung Kong had onstream were a number of residential developments.

Originally occupying a site of over 84, square feet, the former hotel was doubled in size and turned into several six-story, expensive blocks of flats with a total floor area of over , square feet. The company also planned to develop a number of warehouses and factories, as well as offices.

Recognizing the static nature of the Hong Kong property market in , Li Ka-shing informed his shareholders that his company would look to increase its supply of regular rental income from its properties, to protect their interests.

This increased effort at boosting rental income paid off a year later in when Hong Kong's property market slipped into depression. This improved performance was encouraged by rent reviews which boosted income. In that year, the company saw the fruits of a joint venture into which it had entered the previous year with the Canadian Imperial Bank of Commerce. On 53, square feet of the site, the company planned to build ten expensive residential units, each 24 stories high, and a car park. On the rest of the site, recreation facilities--including a swimming pool and sports ground--were planned.

At the end of Cheung Kong had some 5. This property portfolio jumped by more than 20 percent in size over the next year to stand at a total of 6. Of this space, 3. This improvement coincided with a 38 percent rise in total space in the company's property portfolio, to Among the company's new properties was the celebrated Tiger Balm Gardens, a site of , square feet originally developed by the inventor of Tiger Balm, an ointment used to cure a number of minor ailments.

Cheung Kong bought the site with the aim of building high-class residential units, a practice for which it was becoming widely known in the colony. In the company also diversified into the hotel trade. While Hong Kong's local property market was improving, Li Ka-shing warned in that various restrictions from the emerging European Common Market, based in Brussels, which included anti-dumping measures against Asian electronic products, were affecting export prospects for Cheung Kong.

The reason was that Hong Kong's industry sector was felt to be tied in fortunes to that of the local property market. When the first failed, the second was certain to feel the effects.

In the company's profits continued to rise. In that year, Cheung Kong sold a number of properties not producing sufficient rental income, including sites in the Kwun Tong region of Kowloon, and on Hennessy Road. The company was now gaining wide reputation throughout Hong Kong, as demonstrated by the publicity given to each pre-let of its completed properties. The value of rents reached by each pre-letting--the practice whereby a property developer signs up a tenant for the building or property he is about to build--would give the local property market an indication of the going rates to follow.

As Li Ka-shing told his shareholders that year: "In both prestige and business expansion, the group has entered a new era, and it is my opinion that has been an exceptionally important year in the group's development. He added, however, that mortgages and property developments would provide a useful hedge to investors against threatened inflation. Also in , Cheung Kong took a 22 percent stake in Green Island Cement, increasing its holdings on the construction side.

In the company saw a Among the developments then under construction was a joint-venture project with four other property companies to build an office development on the Hong Kong Macau Ferry Pier. With a 20 percent interest in the Shun Tak Centre, due for completion in , the final complex was to include a total 1. In the same year, Cheung Kong purchased a substantial share stake in Hutchison Whampoa, a group whose interests included electricity, communications, wholesaling, and distribution.

Hutchison was also involved in manufacturing, quarrying, and concrete markets. The initial stake in Hutchison was for 90 million shares in the group, or The company increased its stake in Hutchison to 30 percent by the end of the year. At the same time, Li Ka-shing warned shareholders that continuing high interest rates in the colony, and emerging rent control restriction, led him to believe that the local property market was showing signs of leveling off.

Continuing economic difficulties in the Hong Kong economy continued to color the business climate for Cheung Kong in Li Kashing, nevertheless, maintained an optimistic air. I am, therefore, cautiously optimistic about the future of the Hong Kong property market. In addition, the Hong Kong Hilton Hotel increased its profits for by 34 percent, compared with the previous year. During Cheung Kong began amassing an overseas portfolio that would grow over the coming years. These included a number of commercial buildings in the United States with , square feet of space, and a shopping center with over , square feet of freehold space.

This growing overseas portfolio was motivated by continuing recessionary conditions in the Hong Kong property market, and anxiety about any fallout from fears of , when control of the colony would revert to China.

At the time, Li Ka-shing signaled to shareholders that it would be difficult, given the current trading conditions, to maintain in the same high level of profit recorded in Li Ka-shing's profit warning turned out to be timely. A decline was suffered across the board by the company at the end of Profits at the Green Island Cement company tumbled by 65 percent, and were affected, according to the company, by a slowdown in the colony's construction industry, bad weather, and large imports of Japanese cement.

Even more difficult problems were projected for Hutchison Whampoa, on the other hand, increased profits by 20 percent. Yet even here Cheung Kong forecast reduced profits for its subsidiary in At the Hong Kong Hilton Hotel, profits were 10 percent lower than in , reflecting strong competition from new hotels coming on stream in the colony, and a fall in the worldwide tourist trade owing to recessionary pressures in Europe and the United States.

Li Ka-shing had few words of consolation for his shareholders at the time. As he saw the local property market during , "Property prices plunged and hesitation on the part of investors combined with generally weakening purchasing power left the market in a very depressed state from which appreciable recovery is unlikely in the short term. Matters did indeed deteriorate still further in About: Cheung Kong Holdings. Fue uno de los principales conglomerados multinacionales de Hong Kong. El Cheung Kong Group fue uno de los mayores desarrolladores de propiedades residenciales, oficinas, tiendas, hoteles industriales y hoteles en Hong Kong.

It was one of Hong Kong's leading multi-national conglomerates. The company merged with its subsidiary Hutchison Whampoa on 3 June , as part of a major reorganisation, to become part of CK Hutchison Holdings. Under his leadership, the company grew rapidly and eventually evolved into a property investment company. The Cheung Kong Group was one of the largest developers of residential, office, retail, industrial and hotel properties in Hong Kong.

With its long history of property development expertise and residential estates, Cheung Kong Holdings has built many of Hong Kong's most notable landmark buildings and complexes. As part of the reorganisation of the group, a new company composed of the group's property assets was spun-off in June as Cheung Kong Property Holdings.