HONG KONG ECONOMY TODAY NEWS (Dec 12) — CK Asset (01113) is down 2.3%, trading at HK$44.16. The stock has traded about 2.01 million shares, amounting to HK$896.8 million, with a daily high of HK$45.12 and a low of HK$44.16; CK Hutchison (00001) is down 1%, at HK$66.
A residential development project on Anderson Road in Kwun Tong was previously found to have some structural steel bars not installed according to the standards of the Building Ordinance. The developer, CK Asset Holdings, has decided to demolish and reconstruct three of the buildings. The Buildings Department stated that it has previously accepted the remedial proposal submitted by structural engineers and has been informed of the developer's latest demolition and reconstruction plan.
In response to inquiries, CK Asset cited the Buildings Department's earlier inspection results, emphasizing that the overall structures of the buildings are not evidently hazardous. However, since each building must be handled as an individual case, the repair engineering proposals submitted to the Buildings Department require thorough investigation and justification, a process that is extremely time-consuming.
CK Asset added that its engineering consultants spent nearly two years completing investigations and obtaining approval from the department for remedial measures on only three out of six buildings. After assessing efficiency and economic benefits, the group concluded that directly demolishing and reconstructing the remaining three buildings is the most time-saving approach. CK Asset also announced that the project has now appointed China Railway Engineering (Hong Kong) Limited as the new main contractor. It is understood that all costs related to the remedial measures and demolition of the buildings will be fully borne by the developer.
Currently, the Hang Seng Index stands at 24,291, up 80 points or 0.3%, with turnover on the main board exceeding HK$71.7 billion. The Hang Seng China Enterprises Index is at 8,170, up 22 points or 0.3%. The Hang Seng Tech Index is at 4,184, down 13 points or 0.3%. (vs)
A residential development project on Anderson Road in Kwun Tong was previously found to have some structural steel bars not installed according to the standards of the Building Ordinance. The developer, CK Asset Holdings, has decided to demolish and reconstruct three of the buildings. The Buildings Department stated that it has previously accepted the remedial proposal submitted by structural engineers and has been informed of the developer's latest demolition and reconstruction plan.
In response to inquiries, CK Asset cited the Buildings Department's earlier inspection results, emphasizing that the overall structures of the buildings are not evidently hazardous. However, since each building must be handled as an individual case, the repair engineering proposals submitted to the Buildings Department require thorough investigation and justification, a process that is extremely time-consuming.
CK Asset added that its engineering consultants spent nearly two years completing investigations and obtaining approval from the department for remedial measures on only three out of six buildings. After assessing efficiency and economic benefits, the group concluded that directly demolishing and reconstructing the remaining three buildings is the most time-saving approach. CK Asset also announced that the project has now appointed China Railway Engineering (Hong Kong) Limited as the new main contractor. It is understood that all costs related to the remedial measures and demolition of the buildings will be fully borne by the developer.
Currently, the Hang Seng Index stands at 24,291, up 80 points or 0.3%, with turnover on the main board exceeding HK$71.7 billion. The Hang Seng China Enterprises Index is at 8,170, up 22 points or 0.3%. The Hang Seng Tech Index is at 4,184, down 13 points or 0.3%. (vs)
