Hong Kong Stock Market Update | Hong Kong property stocks rise, HENDERSON LAND up more than 4%, March new home sales volume in Hong Kong expected to reach a 26-year high

Zhitong
2024.03.21 03:09
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Hong Kong property stocks are rising, with significant gains in stocks such as HENDERSON LAND, CK ASSET, and NEW WORLD DEV. It is expected that the transaction volume of new properties in the Hong Kong property market in March will reach a 26-year high, with a significant increase in interest from mainland buyers in purchasing properties in Hong Kong. Trading in the property market remains at a relatively high level, with excellent performance in the sales of new properties. Although property prices may stabilize in the short term, the high level of new supply inventory may lead to another decline in property prices in the future

According to the VENTURESMAG APP, Hong Kong property stocks are generally rising. As of the time of publication, HENDERSON LAND (00012) rose by 4.55% to HKD 23, CK ASSET (01113) rose by 2.93% to HKD 36.85, NEW WORLD DEV (00017) rose by 2.61% to HKD 9.04, and SINO LAND (00083) rose by 1.48% to HKD 8.24.

On the news front, Chen Guangming, a director of Hong Kong Midland Realty, stated at a press conference on March 20 that the sales of new properties after the "spicy" measures have been hot, with an expected total of about 4,500 first-hand transactions in Hong Kong for the whole month, reaching a new high since November 1998. Additionally, data from Hong Kong Midland Realty also shows that since March, over 2,000 new properties have been sold, with an estimated total of 4,000 to 5,000 transactions in March, potentially setting a new high since November 1998. Among them, the number of inquiries from mainland buyers about purchasing property in Hong Kong has increased by 40 to 50 times.

Morgan Stanley recently released a research report stating that in the next one to two months, property market transactions may remain at a relatively high level. This is because developers are more actively launching new projects and offering more attractive discounts, leading to strong performance in first-hand transactions, while second-hand transactions are slowing down faster. The bank also pointed out that buyers from mainland China tend to choose new properties, which is one of the main reasons. It is predicted that property prices may stabilize in the short term, but due to the high level of new supply inventory, property prices may weaken again in the future