Why Hong Kong developer CK Asset sold a mall at an ‘exceptionally cheap’ price

With the “exceptionally cheap” sale of a vacant Hong Kong shopping mall, developer CK Asset Holdings is freeing up capital for other projects, while the buyer will have to be patient because the location will struggle to attract tenants in the short term, according to analysts.

The developer completed the mall in its residential project Seaside Sonata on Hai Tan Street in Sham Shui Po five years ago but never leased…