Cheung Kong Property plans name change to CK Asset Holdings

Cheung Kong Property Holdings, owned by Hong Kong’s richest man Li Ka- shing, said over the weekend that it plans to change its name to CK Asset Holdings to better refl ect its strategy in the areas of infrastructure investment and aircraft leasing.

The company also said in a statement late on Friday that it will sell 25 percent of a unit in Canada to its affi liate CK Infrastructure ( CKI) for C$ 714.92 million ($ 565.4 million).

The unit provides building equipment services, said the statement.

The unit, incorporated in British Columbia, Canada, is principally engaged in the building equipment services sector providing water heaters as well as heating, ventilation and air conditioning equipment, and other services to homeowners primarily in Ontario, under the consumer brand of “Reliance Home Comfort”.

Cheung Kong Property said that the share sale will create synergy for both parties because “there are certain infrastructure aspects to the business in which CKI has a track record of managing and operating, enhancing value in the long term and marketability”.

The unit had an unaudited net asset value of about C$ 1.144 billion as of Friday.

The new name will better refl ect the company’s strategy “to achieve long- term sustainable business growth and value creation through property businesses and the pursuit of quality investments worldwide with stable recurring revenue, such as infrastructure investment, property investment and aircraft leasing.”