China's Hopson jumps on strong underlying profit, rivals surge

Logan

29/08/2023 09:01

** Shares of Hopson Development Holdings Ltd  0754.HK  jump 
6.5% to HK$4.94
    ** Shares on course for biggest one-day pct rise since July
31, if trend holds
    ** The property developer says its profit attributable to
equity holders for H1 down 38.9% YoY to HK$3.90 bln ($497.5 mln)
while the underlying profit jumped 183% YoY to HK$1.58 bln
thanks to "good performance" of its property development segment
    ** Company also proposes bonus issue of one new share for
every ten existing shares 
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps 6%, 
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  rises 3.2%, and Hang Seng Index  .HSI  climbs 2.1%
    ** Chinese property stocks also surge on report that China's
Bank of Communications Co Ltd (BoCom)  601328.SS   3328.HK 
plans to host a meeting on Wednesday to discuss adjusting
existing mortgages, according to financial media outlet
21jingji.com 
    ** Shares of Guangzhou R&F Properties  2777.HK  soars 21%,
Country Garden  2007.HK  surges 13.6%, while Greentown China
 3900.HK  and Logan Group  3380.HK  up 12.2% and 11%
respectively 



($1 = 7.8455 Hong Kong dollars)

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