HK's Wharf drops as co flags downside risks in China businesses

Wharf Holdings

09/03/2022 06:55

** Shares of Wharf (Holdings) Ltd  0004.HK  fall as much as
8.1% to HK$25.70, on track for their biggest daily percentage
drop since February 2020, if losses hold
    ** Stock hits the lowest since Jan 24; the third-biggest
percentage decliner in Hang Seng Composite Index, which tracks
properties and construction stocks  .HSCIPC  
    ** The property development-to-hotel operation conglomerate
says its underlying net profit for 2021 increased 7%
year-on-year to HK$3.65 bln ($466.3 mln) and profit attributable
to equity shareholders surged 56% to HK$6.02 bln  urn:newsml:reuters.com:*:nFWN2VC000
    ** Says slower growth is inevitable in the near term amid a
series of regulatory policies introduced and U.S.-China
tensions, posing downside risk to its mainland businesses
    ** Hang Seng sub-index, which tracks property firms  .HSNP ,
and Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  drop 2.4% each
    ** Hang Seng Composite Index  .HSCI  and the benchmark Hang
Seng Index  .HSI  each fall 1.6%

    ($1 = 7.8192 Hong Kong dollars)

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