Property firms damp HK market
Source: Bloomberg News |
April 19, 2011, Tuesday
|
Print Edition
Print Edition
HONG Kong stocks fell for a third day yesterday, as Chinese mainland developers declined after the government raised banks' reserve requirements.
China Resources Land Ltd, a state-controlled developer, fell 3 percent and China Overseas Land & Investment Ltd, controlled by the construction ministry, lost 2.1 percent. Ajisen (China) Holdings Ltd, an operator of Japanese-style casual restaurants, tumbled 11 percent after its chairman sold shares in the firm. AIA Group Ltd, the third-largest Asian-based insurer by market value, gained 2.6 percent after its new-business value rose.
The Hang Seng Index fell 0.7 percent to 23,830.31 at the close, after rising as much as 0.6 percent. The Hang Seng China Enterprises Index of Chinese companies' H-shares shed 0.9 percent to 13,410.90.
"Concern is still lingering over further tightening in China," said Ben Kwong, chief operating officer at KGI Asia Ltd. "Investors are worried there will be further measures to regulate the overheating of the property market."
China Resources Land dropped 3 percent to HK$14.16 (US$1.82), and China Overseas Land fell 2.1 percent to HK$16.14. Shimao Property Holdings Ltd, which gets all its revenue from China, declined 1.6 percent to HK$11.40. A measure of property stocks had the biggest drop among the Hang Seng Index's four industry groups.
China increased banks' reserve requirements to lock up cash and cool inflation, and central bank Governor Zhou Xiaochuan said monetary tightening will continue for "some time."
Reserve ratios will rise a half percentage point from Thursday, the People's Bank of China said on its website on Sunday, pushing the ratio to a record 20.5 percent for the biggest lenders.
China Resources Land Ltd, a state-controlled developer, fell 3 percent and China Overseas Land & Investment Ltd, controlled by the construction ministry, lost 2.1 percent. Ajisen (China) Holdings Ltd, an operator of Japanese-style casual restaurants, tumbled 11 percent after its chairman sold shares in the firm. AIA Group Ltd, the third-largest Asian-based insurer by market value, gained 2.6 percent after its new-business value rose.
The Hang Seng Index fell 0.7 percent to 23,830.31 at the close, after rising as much as 0.6 percent. The Hang Seng China Enterprises Index of Chinese companies' H-shares shed 0.9 percent to 13,410.90.
"Concern is still lingering over further tightening in China," said Ben Kwong, chief operating officer at KGI Asia Ltd. "Investors are worried there will be further measures to regulate the overheating of the property market."
China Resources Land dropped 3 percent to HK$14.16 (US$1.82), and China Overseas Land fell 2.1 percent to HK$16.14. Shimao Property Holdings Ltd, which gets all its revenue from China, declined 1.6 percent to HK$11.40. A measure of property stocks had the biggest drop among the Hang Seng Index's four industry groups.
China increased banks' reserve requirements to lock up cash and cool inflation, and central bank Governor Zhou Xiaochuan said monetary tightening will continue for "some time."
Reserve ratios will rise a half percentage point from Thursday, the People's Bank of China said on its website on Sunday, pushing the ratio to a record 20.5 percent for the biggest lenders.
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