Agencies vie for landmark Cheung Kong job

<P>HONG KONG Property developer Cheung Kong has initiated a pitch for a landmark development at Homantin in Kowloon, thought to be worth in the region of HK$50 million (US$6.4 million).</P> <P>Agencies believed to be in the running include roster agencies Bates Asia and Ogilvy & Mather, which already handle a number of Cheung Kong developments. Euro RSCG and DDB are also believed to be involved along with one more agency. It is thought that TBWA, which also handles several projects for Cheung Kong, is not taking part in the review, although all agencies contacted by Media declined to comment.</P> <P>While Anita Tsui, senior marketing communications manager, Cheung Kong, declined to discuss the details of the pitch, she noted that it was predominantly creative. However, advertising agencies, she added, had been asked to supply media strategy through their partners.</P> <P>"The project won't be launched until the later part of 2007 so, from a media and sales point of view, it's too early to comment," said Tsui. "One of the reasons we are pitching now is to have basic marketing concepts before we finalise details."</P> <P>Once completed, the development is expected to consist of a combination of residential and commercial properties. A name for the project has yet to be finalised.</P> <P>One source told Media that the property sector had experienced a slowdown recently amidst rising interest rates, pointing to the next six months as crucial.</P> <P>"They need to push very hard in the next few months, and, certainly, since July and August we have seen them pushing a lot harder," said the source.<BR></P>