HK's New World hits 2-week peak, says to donate farmland for social housing

Hang Lung Properties

26/09/2019 04:01

** New World Development Co Ltd  0017.HK  climbs as much as
4% to a near two-week high of HK$10.40, leading gains on Hong
Kong Hang Seng property sub-index  .HSNP 
    ** The sub-index tracking property firms  .HSNP  climbs 1.1%
in early trade, on track to end three sessions of decline
    ** Says it will donate 3 mln square feet of its farmland
reserves for social housing, two weeks after Beijing singled out
Hong Kong developers for not doing enough to alleviate housing
problems  urn:newsml:reuters.com:*:nL3N26G2T1
    ** The developer, which posted a 22% fall in annual net
profit on Wednesday, has an agricultural land bank of about 16.9
mln square feet for land use conversion
    ** China Resources Land  1109.HK  rises 2.03%, Link REIT
 0823.HK  firms 1.6%, CK Asset  1113.HK  ticks up 0.5% and China
Overseas Land  0688.HK  edges up 0.4% 
    ** Shares of Sun Hung Kai Properties  0016.HK , Henderson
Land  0012.HK , and Sino Land  0083.HK  slide between 0.1% and
0.9% 
    ** The Hong Kong benchmark index  .HSI  rises 0.3%

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