Hong Kong property stocks jump after city scraps cooling measures [CNBC]
HYSAN DEV CO LTD S/ADR (HYSNY)
NASDAQ:AMEX Investor Relations:
hysan.com.hk/investors
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Source: CNBC
In his budget speech on Wednesday, Chan announced that Hong Kong will withdraw all buy-side tightening measures for residential properties and waive stamp duties payable on the transfer of REIT units with immediate effect. The Hang Seng Property index jumped 2.4% following the announcement, but has since slipped from session highs, while the broader Hang Seng index fell 1.47%. New World Development shares jumped as much as over 8% before currently trading at 4%, and Hysan Development added 0.3%. Sun Hung Kai Properties and CK Asset rose 1.35% and 0.55% respectively, while Henderson Land Development traded 3.83% higher. Hong Kong's housing prices, once the most expensive in the world, have plunged almost 20% since their peak in 2021 on the back of rising interest rates and dimmer market sentiment. The sale and purchase agreements for all building units in 2023 fell 2.7% from a year ago, according to the city's Land Registry . Sales were also nearly 40% lower than 2021. The gover
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