CK Asset to convert some hotels into residential units

Hong Kong–based CK Asset Holdings has plans to convert some of its hotels for residential use amid a decline in the hospitality sector due to the COVID-19 pandemic and a record rise in the city’s home prices, reported South China Morning Post.

Victor Li Tzar-kuoi, the company’s chairman and managing director, stated, “We have a huge hotels portfolio. [For] 10, 15 percent of that portfolio, the neighborhood has changed, pricing has changed. And there is value generation by converting some of [these hotels] to residential.”