HK's Kerry Properties hits 6-month low after winning bid for Shanghai project

Kerry Properties

21/06/2023 04:10

** Shares of Kerry Properties Ltd  0683.HK  fall as much as
8.7% to HK$15.44 their lowest since Dec. 5; on course for third
consecutive session of decline
    ** Stock is the second-biggest pct loser in Hang Seng
Composite Index on properties and construction  .HSCIPC  and
fourth biggest decliner in Hang Seng Composite Index  .HSCI  
    ** The property developer says it has won bid for a
mixed-use development land parcel in Huangpu District in
Shanghai for 8.78 bln yuan ($1.22 bln), in a deal to be financed
by internal resources and external financing
    ** Co says the heritage preservation and development project
 will strengthen its premium property sales pipeline in the
medium-term 
    ** Brokers say investors generally do not like the idea of
property developers committing to big projects in the current
weak sentiment on mainland market in high interest rate
environment   
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.1%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  eases 1%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both decline 1.4%



($1 = 7.1875 Chinese yuan renminbi)

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