HK's Henderson Land hits over 6-week low on $8 bln project plan

Henderson Land Development Co

04/11/2021 05:38

** Shares of Henderson Land Development Co Ltd  0012.HK 
fall 3.8% to HK$31.55, biggest daily pct decline since Sept. 20
    ** Stock hits the lowest since Oct. 18; biggest pct decliner
on the Hang Seng sub-index tracking property firms  .HSNP      
    ** Co says it will invest a total HK$63 bln ($8.1 bln) to
develop a harbourfront site, comprising office, retail, dining
and entertainment spaces with indoor facilities, in HK's central
business district  
    ** That investment includes a successful tender of a land
site in Hong Kong for HK$50.8 bln ($6.53 bln), a deal to be
funded by internal resources and bank financing  urn:newsml:reuters.com:*:nFWN2RU1O9
    ** Brokers say concern over a potential increase in debt and
dividend prospects trigger some selling 
    ** The Hang Seng sub-index tracking property firms  .HSNP 
slips 0.6%, and the Hang Seng Composite Index tracking
properties and construction stocks  .HSCIPC  falls 1%
    ** The benchmark index  .HSI  eases 0.4%
    ** As of last close, the stock gained 8.4% this year


($1 = 7.7824 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))