BUZZ-Hong Kong's CK Asset hits record low on lower profit, dividend

Reuters03-22

** Shares of Hong Kong property developer CK Asset drop 12.5% to HK$32.20, at their lowest levels and biggest one-day pct decline since market debut under the new property arm in June 2015

** CK Asset stock is the biggest pct loser in Hang Seng Property Index and the second-biggest decliner in Hang Seng Index and Hang Seng Composite Index

** CK Asset, one of the city's biggest developers, reported a 10.2% drop in 2023 net profit from continuing operations to HK$17.34 bln ($2.22 bln) and it proposed a final dividend of HK$1.62 per share, down 12.4% from HK$1.85 final dividend a year ago

** Chairman of conglomerate CK Group Victor Li said all the negative news impacting the city's property prices, including interest rate hikes and additional stamp duties, had passed and so there was a greater likelihood of the market going up

** Shares of CK Hutchison fall 2.5% after results were announced

** Hang Seng Property Index drops 3.3%, while Hang Seng Composite Index and Hang Seng Index fall 1.6% each

** CK Asset stock down 18% YTD, CK Hutchison shares down 5.8% YTD

($1 = 7.8201 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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