CK Asset leads rebound among HK developers as govt pledges to tackle housing woes

Sun Hung Kai Properties

21/09/2021 07:31

** Hong Kong property stocks rebounded following a sell-off
in the previous session with CK Asset  1113.HK  rising 3% in its
biggest daily percentage gain since May 28
    ** Solving Hong Kong's shortage of housing and increasing
land supply will be key priorities for authorities under the
new, "patriots only" political system imposed by Beijing, Chief
Executive Carrie Lam said on Tuesday  urn:newsml:reuters.com:*:nL1N2QN071
    ** In a statement late on Monday, Sun Hung Kai Properties
said it did not receive pressure from the central government in
Beijing and that it has been cooperating with the Hong Kong
government and fulfilling its "commitments" to society,
including on housing
    ** SHKP  0016.HK  gains 0.6% in the afternoon trade,
Henderson Land  0012.HK  climbs 0.5%, and New World Development
 0017.HK  is up 0.2% 
    ** While we expect share prices to remain subdued in the
near-term given political uncertainty, we believe the valuation
is attractive for long-term investors - Morningstar Research 
    ** Morningstar says it expects the Hong Kong government to
utilise existing regulation to increase land and affordable
housing supply while further agricultural land donations may be
possible by Hong Kong developers
    ** The Hang Seng sub-index, tracking property firms  .HSNP ,
rises 1.9%, while the benchmark index  .HSI  slips 0.3%


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