CHEUNG Kong Property Development Ltd, the real estate arm of Cheung Kong Holdings Ltd which is owned by Hong Kong's billionaire Li Ka-shing, has said it plans to launch a local promotion next month for one of its luxury residential projects in the territory. 　

The Legend on Jardine's Lookout is located in one of the most prestigious residential districts in Hong Kong boasting shimmering views of Causeway Bay, Happy Valley, Central and Kowloon. It is a four-tower development with a total of 376 units mainly ranging from 1,168 to 2,372 square feet (108 to 220 square meters).

The average selling price for some of the units was about 210,000 yuan (US$26,923) per square meter while apartments on the higher floors sold for an average price of 430,000 yuan per square meter when the project was first launched in mid 2005. The whole project is set to be completed by the second quarter of this year, the company said on its Website.

Besides targeting buyers from its home base, the property developer said its strategy also focuses on the Chinese mainland, betting on rising purchasing power from mainland buyers.

However, a local industry expert believed the primary aim of the local promotion might just be high-profile marketing for the Hong Kong Company instead of sealing any deal.

"I don't expect any unit will be sold during the local promotion," Cai Weimin, a renowned real estate expert said. "I believe the company just wants to further build its corporate image through the marketing event and they are very wise to choose Shanghai."

Cai explained that Shanghai, the financial hub of China and a city that has grown rapidly, has caught international attention.

The Hong Kong real estate company said it also plans to introduce another of its developments to potential buyers in southern Guangdong Province.

Source:未知