CK Asset leads Hong Kong developers' rout as home prices hit 3-1/2 yr low

Sun Hung Kai Properties

28/09/2022 08:27

** Shares of CK Asset  1113.HK  leads slide in major Hong
Kong property developers, faling as much as 6.6% to HK$46.35,
their lowest since Dec. 23
    ** Stock is the third-biggest pct decliner in Hang Seng
Property Index  .HSNP  and sixth-biggest in Hang Seng Index
 .HSI 
    ** Hong Kong private home prices fell 2.3% in Aug from July,
to the lowest since Feb. 2019, official data showed on
Wednesday, as market sentiment was hurt by rising interest rates
 urn:newsml:reuters.com:*:nL4N30X29V
    ** Rising mortgage costs and a bleak economic outlook have
deepened pessimism among homeowners, while home prices for the
full-year are expected to drop around 10%, the first fall since
2008  urn:newsml:reuters.com:*:nL4N30R0Z0
    ** Shares of New World Development  0017.HK , Wharf REIC
 1997.HK , Hang Lung Properties  0101.HK , Henderson Land
 0012.HK , China Overseas Land  0688.HK  and Sun Hung Kai
Properties  0016.HK  fall between 1.8% and 5.9%
    ** Hang Seng Property Index  .HSNP  drops as much as 4.3% to
23,097.10, the lowest level since June 2012, while Hang Seng
Index  .HSI  falls 3%
    ** Mainland developers listed in Hong Kong  .HSMPI  slide
6%, with CIFI  0884.HK  plunging 29% after news of missed
payment, Country Garden  2007.HK  tumbling 13% and Longfor
 0960.HK  down more than 5%  urn:newsml:reuters.com:*:nB9N30L015
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))