HK property developers fall on sharp decline in home price index

Sino Land

02/01/2019 06:59

** Shares of real estate developers fall on a sharp drop in
Hong Kong lived-in home price index
    ** Hong Kong lived-in home price index fell https://bit.ly/2SCqRT7
 3.5 pct month-on-month in November, compared with a 2.6 pct
month-on-month decline in October and a 1.3 pct drop in
September, according to official data
    ** "It is the largest fall in a single month since November
2008," said Derek Chan, head of research at Ricacrop Properties,
according to a South China Morning Post report https://www.scmp.com/business/article/2180080/correction-hong-kongs-property-market-gathers-speed-prices-fall-35-cent
    ** Hong Kong home prices have slumped 7.2 pct after peaking
in July following a 28-month surge on concerns including the
US-China trade war, expectations of rising mortgage rates, more
new flats supply, the report added
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  drops as much as 3.4 pct, its biggest intraday pct fall
since Oct. 11
    ** Shares of CK Assets  1113.HK  lead the fall among Hong
Kong property developers, sliding 3.5 pct and heading for their
biggest intraday pct decline since February 2018 
   ** Shares of New World Development  0017.HK  fall as much as
3.3 pct, heading for the worst day since March 5 
    ** Henderson Land's  0012.HK  stock drops 2.3 pct, while
that of Sun Hung Kai Properties  0016.HK  and Sino Land
 0083.HK  slide 2.2 pct and 1.9 pct, respectively
    ** A report that China's city economies need to cut reliance
on real estate also put pressure on property stocks  urn:newsml:reuters.com:*:nL3N1Z209A


 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))