Cheung Kong. Despite our expectation for further carnage in the global property market, the prospects for an appreciation in Hong Kong real estate prices look rosy. Wages are rising, affordability is good and interest rates are falling. In nominal terms, prices remain below where they were over 14 years ago. Thus, trading at a 32% discount to NAV, Cheung Kong looks a very attractive proposition. The company has a strong balance sheet, with good exposure to the Hong Kong residential market. Historically it has traded at an average discount of 16%.
| Sedol |
Type |
Price |
Date |
| 6190273 |
Buy |
HKD 123.45 |
23/01/2008 | |
