Originally created as a pure-play property development and management company (primarily from CK Hutchison (CKHUY), CK Asset Holdings (CHKGF) (1113.HK) has since elected to abandon the pure-play property strategy and is instead essentially “re-comglomerating” itself into a more diverse company with a growing array of income-producing non-property assets. Unfortunately, management doesn’t really have a demonstrated track record here and the company’s transition process is lumpy – property still generates the large majority of earnings, but the land bank is dwindling and there’s no real visibility as to what