HK's Sun Hung Kai Properties leads rise in developers on new housing policy

Sun Hung Kai Properties

06/10/2021 07:50

** Shares of Sun Hung Kai Properties  0016.HK  (SHKP) lead
rise in major Hong Kong developers, gaining 3.1% to HK$101,
highest since Sept. 20, after Hong Kong leader unveils plan to
shape a new district for the city   
    ** In an annual policy address, the leader of the
Chinese-ruled city, Carrie Lam, said her priority was to focus
on tackling a long-standing shortage of housing to ensure it is
affordable for a population of 7.5 million.  urn:newsml:reuters.com:*:nL1N2R205K
    ** CGS-CIMB Securities reiterated a positive call on Hong
Kong developers with farmland and potential benefit from the
government's plan, adding SHKP and Henderson Land  0012.HK 
stand to gain more due to their high farmland exposure and
better execution on farmland conversion
    ** "The new proposal if realized should help to solve most
of housing problem in HK," said Raymond Cheng, head of China
Research of CGS-CIMB. "The new policy will shape Northern NT as
a new district for HK especially its close proximity to China."
    ** Shares of New World Development  0017.HK , Hang Lung
Properties  0101.HK , Henderson Land  0012.HK  and CK Asset
 1113.HK  rise between 1.1% and 3.8%   
    ** The Hang Seng sub-index tracking property firms  .HSNP 
slips 0.7% and the benchmark index  .HSI  slides 0.5%


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