Reuters SG
Major Hong Kong property developer CK Asset Holdings said on Thursday its HK$20.8 billion ($2.66 billion) deal to sell a luxury residential development to a Singapore fund had lapsed after it did not receive the first part payment. CK Asset sold the development to ORIC-Borrett Limited, a fund owned by Sino-Suisse, in September in the financial city's largest single residential deal. The developer said in a filing the buyer had failed to pay the first part payment of HK$1.04 billion and the accrued interest, so it terminated the sale agreement on Thursday and forfeited the HK$2.1 billion deposit paid by the buyer.