Hong Kong property stocks slide on cooling measures

Midland Holdings

07/11/2016 01:20

HONG KONG, Nov 7 (Reuters) - Hong Kong property stocks fell 
on Monday after the government raised stamp duties on property 
transactions for the first time in three years to rein in 
soaring real estate prices.  
    The property sub-index  .HSNP  fell 3 percent at the open.  
Shares of Sun Hung Kai Properties Ltd  0016.HK  were set to open 
down 5.6 percent, Henderson Land  0012.HK  dropped 3 percent, 
New World Development  0017.HK  slid 4.5 percent and Midland 
Holdings  1200.HK  was down 7.2 percent. 
    The government will raise stamp duties on home purchases to 
15 percent, across the board, effective Nov. 5, to dampen a 
red-hot market which has failed to respond to a raft of measures 
taken by policymakers in recent months.  urn:newsml:reuters.com:*:nL4N1D53F0 
      
 
 (Reporting By Donny Kwok; Editing by Anne Marie Roantree and 
Stephen Coates) 
 ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters 
Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) 
 
Keywords: HONGKONG PROPERTY/STOCKS