Henderson Land leads gains in Hong Kong developers on new housing policy

Sun Hung Kai Properties

07/10/2021 04:35

** Shares of Henderson Land  0012.HK  lead gains in Hong
Kong property developers, rising as much as 9.2% to HK$33.30
    ** Stock hits the highest since Sept. 17 and heads for its
biggest daily percentage gain since May 2009
    ** Stock is the biggest percentage gainer on the Hang Seng
Index  .HSI  and the property sub-index  .HSNP 
    ** Hong Kong leader Carrie Lam announced plan of Northern
Metropolis on the border with the mainland's technology hub of
Shenzhen, covering 300 square kilometres  urn:newsml:reuters.com:*:nL1N2R205K 
    ** It will ultimately have some 926,000 homes - more than
half to be newly built - for some 2.5 million people 
    ** Analysts say Hong Kong developers with farmland stand to
gain more due to their high farmland exposure and better
execution on farmland conversion 
    ** UOB Kay Hian maintains "market weight" on Hong Kong
property, says supply could increase significantly about 10
years from now but demand still outweighs supply in the
short-mid run
    ** Shares of Sun Hung Kai Properties  0016.HK  surge 5.1%,
on track for their biggest daily percentage gain since June 2020
    ** New World Development  0017.HK  rises 4.8% and set for
its best day since March 30
    ** CK Asset  1113.HK  climbs 2.3% and Hang Lung Properties
 0101.HK  gains 1.5% 
    ** The Hang Seng sub-index tracking property firms  .HSNP 
rises 2.2% and the benchmark Hang Seng Index  .HSI  jumps 2.5%
    

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