Reuters Insider - Asia Market Update

Hang Lung Properties

27/01/2015 18:27

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        A roundup of Asia market news                     
 
 
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Transcript (May be auto-generated)

 Shares in the city fell for the first time in five days, financials and real 
estate weighing down the index - a renewed concerns of cooling Chinese economy. 
The Hang Seng traded 0.4% lower, and the Enterprises Index underperformed quite 
a bit, down 1.6%. Hang Lung Properties reported record core earnings for last 
year, but warned that its business in China is facing a tough year. Shares of 
the company shed nearly 1%, as more than half its rental income is derived from 
the Mainland. Troubled Chinese property developer Kaisa is still in talks with 
the Shenzhen government on a property sale block. According to a company source 
familiar with the matter, a meeting with local officials on Monday ended without
progress. Tech giant Lenovo looking to take market share from its Chinese 
rivals. Shares lost 0.75% and the company bought mobile handset maker Motorola 
about three months ago, and it's optimistic about competing against higher-end 
smartphones from Samsung and Apple. China's largest private investment firm 
Fosun Group partnered up with an Australian property firm to buy a Sydney office
block for $93 million. The tower in the center of the city is the second that 
has been purchased in just two days by large Chinese firms. And Chinese 
celebrity actress Zhao Wei and her husband took a major stake in Alibaba 
Pictures. The star paid more than around USD380 million for 9% of the company, 
according to Stock Exchange filings. Alibaba bought and renamed the film-making 
company last year but has struggled with accounting issues and blamed losses on 
delays in TV distribution and a drop in the advertising revenue. And that's the 
latest from Hong Kong