Media365
Hong Kong’s wealthiest family denied that their residence of more than half a century is up for sale, as CK Asset Holdings issued an unusual rebuttal of rumours that have circulated for days on social media.
Social media speculation of the impending sale of 79 Deep Water Bay Road was “entirely fabricated”, “false” and “groundless,” CK Asset said in a statement on behalf of the company’s chairman and managing director, Victor Li Tzar-kuoi.
“The reports and posts on certain websites and social media platforms regarding the sale of 79 Deep Water Bay Road are entirely fabricated, speculative, and lack any factual basis,” CK Asset said in a statement on Monday.
Li, who was raised in the family home, said many “made up” rumours involving himself and his family had been circulated online. “Some are illogical, others are simply deceptive,” he said in the statement. “Given the rise in scam cases, I urge the public and media not to trust or spread such rumours to avoid potential losses.”
CK Asset’s denial comes as some of Hong Kong’s wealthiest families and property investors have had to let go of their assets – in some cases family homes – at discounts to repay debt. This is because their businesses are slowing, borrowing costs are high and their financial strains are becoming more severe. Analysts say high interest rates have caused borrowing costs for developers to skyrocket as lenders raised prime rates five times – for a total of 87.5 basis points – to their highest levels since 2007.
