New World Development leads losses among Hong Kong property giants

Sun Hung Kai Properties

20/09/2021 03:59

** Shares of New World Development  0017.HK  lead losses
among Hong Kong property developers, plunge 12.8% to HK$30.20,
their biggest daily percentage decline since March 2014
    ** Stock hit its lowest since March 2020; biggest percentage
decliner in the benchmark index  .HSI  and property sub-index
 .HSNP 
    ** As Beijing seeks to tighten its grip over Hong Kong, it
has a new mandate for the city's powerful property tycoons: pour
resources and influence into backing Beijing's interests, and
help solve a potentially destabilising housing shortage
 urn:newsml:reuters.com:*:nL4N2Q1146
    ** Chinese officials delivered the message in closed
meetings this year, according to three major developers and a
Hong Kong government adviser familiar with the talks
    ** "The rules of the game have changed," they were told
    ** "The report forces investors to face the reality of the
the regulatory risk the developers may face, while their NAV
(net asset value) will be under pressure if property prices come
down," Steven Leung, a sales director at UOB Kay Hian said
    ** Stock of Henderson Land Development  0012.HK  falls 11.8%
to HK$29.40, its lowest since Dec 22, and on track for the
biggest daily percentage drop since October 2008
    ** Stock of SHKP  0016.HK  drops 9.4% to HK$95.50, the worst
day since November 2016; CK Asset  1113.HK  falls 9.8% to
HK$41.65, lowest since Feb 19 
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  plunges 6% in its worst day since May 22, 2020, while
the benchmark index  .HSI  drops 3.3%


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