HK property stocks rise after Evergrande's assurances, managements raise stake

Sun Hung Kai Properties

23/09/2021 09:35

** Shares of Hong Kong property developers rise following
recent sell-off, after China Evergrande's  3333.HK  assurances,
while some developers' management raising stake also lifted
sentiment
    ** CK Asset  1113.HK  rises as much as 2.4% after senior
management ups stake and Sun Hung Kai Properties  0016.HK  jumps
as much as 3.2%  urn:newsml:reuters.com:*:nP8N2QJ035  urn:newsml:reuters.com:*:nP8N2QJ032
    ** Henderson Land  0012.HK  gains 0.7%, Kerry Properties
 0683.HK  climbs 1.2%
    ** China Evergrande's  3333.HK  chairman urged executives to
ensure the quality delivery of properties and redemption of
wealth management product  urn:newsml:reuters.com:*:nL1N2QP01U
    ** Stocks of Hong Kong developers plunged earlier this week
as Chinese officials asking them to use resources to back
Beijing's interests and solve the housing shortage  urn:newsml:reuters.com:*:nL4N2Q1146
    ** Brokerage Daiwa advises investors not to over-react and
the impact on HK property companies is not likely to be as large
as the market fears 
    ** "The key is not really how large is the danger and how
much should be the fear. It is more about whether and how well
the HK property companies can adapt" - Daiwa
    ** UOB Kay Hain upgrades CK Asset and Kerry to "buy" from
"hold" as their share prices have dipped below target prices
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  jump 4.6%, and the benchmark index  .HSI  rises 1.2%


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