New World leads Hong Kong property stocks higher on report of home stamp duty cut

Sun Hung Kai Properties

09/08/2022 06:41

(Adds govt's response, updates stock prices)
    ** Shares of New World Development  0017.HK  lead rise in
Hong Kong property developers, surging as much as 6.7% to
HK$27.85, the biggest daily pct gain since March 17
    ** Stock hits the highest since July 5 and on track for a
third straight session of gain; second-biggest pct gainer in the
Hang Seng sub-index on property firms  .HSNP 
    ** Hong Kong may consider waiving extra stamp duty on homes
for mainland Chinese buyers as a way to shore up the economy and
reverse a brain drain, Regina Ip, convener of the government's
advisory Executive Council told Bloomberg on Tuesday
 urn:newsml:reuters.com:*:nFWN2ZK7BI
    ** Chinese investments were one of the drivers of higher
property prices in Hong Kong before 201
    ** Hong Kong's government said there were no discussions to
relax the property stamp duty  urn:newsml:reuters.com:*:nP8N2ZF01A
    ** Shares of Hang Lung Properties  0101.HK , CK Asset
 1113.HK , Henderson Land  0012.HK , Sun Hung Kai Properties
 0016.HK  rise between 1% and 2.1% 
    ** The Hang Seng sub-index on property firms  .HSNP  climbs
0.7% and the Hong Kong Hang Seng Composite Index on properties
and construction stocks  .HSCIPC  increases 0.5%
    ** The Hang Seng Mainland Properties Index  .HSMPI  rises
0.6% and the benchmark Hang Seng Index  .HSI  gains 0.3%


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