Troubled Hong Kong tycoon Pan Sutong sued by Li Ka-shing’s CK Asset for ‘breaching first-refusal agreement’ on luxury residential site in Ho Man Tin

A unit of Hong Kong’s second-biggest developer filed a writ to the High Court against Pan and his Gold Brilliant Investment for allegedly violating an agreement signed in September

The dispute comes after property group Great Eagle announced it had entered into a tentative agreement to receive the development rights allegedly promised to CK Asset

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Property tycoon Pan Sutong, pictured here in 2017, has suffered a dramatic fall from grace. Photo: Kenneth Chan

Published: 8:37pm, 22 Feb 2021Updated: 9:59pm, 22 Feb 2021

Embattled tycoon Pan Sutong is being sued by CK Asset Holdings for allegedly breaching an agreement granting Hong Kong’s second-largest developer the right of first refusal on a luxury residential site in Ho Man Tin.

Cheung Kong Property (Business Development), a unit of CK Asset, filed a writ to the High Court on February 19 against Pan and his privately owned Gold Brilliant Investment Limited claiming they had violated the agreement that was signed on September 1, 2020.

The legal dispute came 10 days after property group Great Eagle Holdings announced it had entered into a tentative agreement with Gold Brilliant Investment and Pan under which it would receive the development rights for the plot. Great Eagle claims to have paid a deposit for the parcel of land.

However, CK Asset, the developer founded by Hong Kong’s second-richest man Li Ka-shing, said in a statement on Monday that “the matter is a misunderstanding” and said it would cease legal action if it could be resolved.

“CK only hopes to remind the other party to abide by the agreement. The incident should be resolved in the next few days,” it said. “Once the matter is resolved, the writ will be withdrawn.”