Hong Kong Builders Sink on Sun Hung Kai Earnings, HSBC Rate Plan

📆 2023-09-11 08:57:00
📰 YahooFinanceCA

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(Bloomberg) -- Hong Kong property stocks suffered their biggest selloff in seven months, hit by disappointing earnings at the city’s top builder and a major bank’s reported plan to raise mortgage rates. Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesBoss of Failed Cr

The Hang Seng Index’s property sub-gauge dropped as much as 4.5%, the most since Feb. 13. Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer, led the declines by plunging nearly 13% to its lowest intraday level since 2009.The selling came after Sun Hung Kai recorded a worse-than-expected 17% drop in full-year profit, another example of a local real estate market pressured by rising interest rates and a supply glut.

Fears of a home price war in the city has surfaced since billionaire Li Ka-shing’s real estate arm offered deep discounts on a new project last month. Other local builders also fell Monday, with New World Development Co. down as much as 8.3% and Henderson Land Development Co. off 5.7%.

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