Since the beginning of this year, the performance of the stock market is weakening day by day. The property market is also sluggish. Until recently, CK Asset Holdings announced to forfeit the $2.1 billion deposit from the buyer of the Borrett Road project. This ultra luxury residential project is situated at 
21 Borrett Road of Hong Kong Island. One year ago, when this mega deal was announced by Cheung Kong, even the general investors were doubtful about how the deal would be closed smoothly. One year of declaration of this eye-catching deal, Cheung Kong announced this transaction was formally cancelled.
Indeed, the weakness of luxury housing market has been starting three years ago. In 2019, economic environment had shown unfavourable sign alerting scrupulous investors. Due to the deteriorating business environment, foreign investors had been suffered from this negative impact. The leasing market, as the benchmark of the luxury residential market, its vacancy rate started to rise, but its sales prices were still relatively stable.
Following the announcement of Borrett Road's transaction last year, the transaction volume of luxury properties was slower and weaker. As the outlook of luxury housing market was bleak, Cheung Kong sold one hundred and fifty-two units of Borrett Road project in a package to a Singaporean property fund, which could be considered a magic fortune to reverse the situation from worse to best. This mega deal's consideration was about $20.8 billion.
Based on the transactions of past year, luxury properties market has been half-frozen. In addition, in recent months, the luxury homes of several mainland riches had been taken over by bank owners, which had dampened the confidence of the original buyer of Borrett project to complete the transaction.
Since the cancelation being announced, some market commentators believed that the luxury housing market would be further dragged down. If this incident being analysed from other point of view, it is solely reflecting the result of the deterioration of the luxury housing market. In addition, the first owner of Cheung Kong is financially strong, so these units will not be opened for sale at a lower price range. As a result, this incident will not further damage market in near future. However, after this incident, the downward tendency sales and leases of luxury residential market have gradually formed.
The rich's wealthy will no doubt be decreased to lower level. Hong Kong has been affected by the global economic downturn in the past three years. The sales and lease of residential shops＆office market have been hard hit in vary degrees. Even the border reopening, it is difficult to fully recovery in brief period.
