HK's Hang Lung Properties rises on $331 mln U.S. consulate property buy

Hang Lung Properties

10/09/2020 07:10

** Shares of Hong Kong developer Hang Lung Properties Ltd
 0101.HK  rise as much as 2.2% to HK$20.75, set to snap six
straight sessions of decline
    ** The stock last traded 1.5% up, heading for its best day
since Aug. 28; sixth biggest percentage gainer on the benchmark
Hang Seng Index  .HSI  
    ** Hang Lung said it bought a property sold by U.S.
consulate in Hong Kong, which had been used as staff
accommodation, via a public tender for HK$2.57 bln ($331 mln), a
price analysts said was in low range of estimates  urn:newsml:reuters.com:*:nL4N2G70XC
    ** Hang Lung said the purchase is a vote of confidence in
Hong Kong's future and total investment will be about HK$4 bln
    ** The high-profile sale comes at a time of growing
U.S.-China tensions, making many mainland and Hong Kong
developers hesitant to venture an offer for a property that
consultants said was seen as politically sensitive
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  slides 0.3%, while the benchmark index  .HSI  gains 0.2%
    ** As of last close, the stock has risen 18.7% this year 

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))