CK Asset Holdings (HKSE:01113, Financial) is a Hong Kong-based holding company comprised primarily of REITs and property development concerns in Asia alongside a range of other businesses globally including infrastructure/utilities, among others. In addition to ongoing unease about unrest in Hong Kong, the company's stock has been impacted by its purchase of UK pub operator Greene King in late 2019, just months before the country's bars and restaurants were shuttered in response to the Covid-19 outbreak. CK Asset Holdings, which remains unlevered, trades at a substantial discount to our sense of its net asset value, and the controlling family has been increasing its stake in the company. A dividend cut over the summer came as an unwel-come surprise to investors, given the company's track record of paying dividends.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund third-quarter 2020 commentary.
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