The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close.
China will address “structural problems” and stabilize its economy by increasing domestic demand, Premier Wen Jiabao said.
Separately, China’s non-manufacturing industries expanded at a faster pace in September behind increases in construction and consumer spending. A purchasing managers’ index released yesterday by the China Federation of Logistics and Purchasing rose to 61.7 from 60.1 in August. The data follow a jump to a four-month high for the manufacturing PMI announced on Oct. 1.
Hong Kong developers: Cheung Kong (Holdings) Ltd. (1 HK) and Sun Hung Kai Properties Ltd. (16 HK) sold HK$11 billion ($1.42 billion) worth of property over the long weekend, the South China Morning Post reported.
Sun Hung Kai, the city’s biggest developer by market value, rose 3 percent to HK$134. Cheung Kong, the No. 2, gained 2.5 percent to HK$117.60.
Mainland Chinese developers: Shenzhen has introduced greater restrictions on home purchases to help cool the property market, the South China Morning Post reported, citing a statement from the local government.
China Overseas Land & Investment Ltd. (688 HK), controlled by the nation’s construction ministry, declined 2.4 percent to HK$16.42. China Resources Land Ltd. (1109 HK), a state- controlled developer, slumped 4.4 percent to HK$15.78.
Citic Pacific Ltd. (267 HK): The company, an arm of China’s biggest state-owned investment company, has delayed first iron ore shipments from the $5.2 billion Sino project in Western Australia until next year, the Australian newspaper reported, citing Chairman Chang Zhenming, who commented in the company’s profit report. First exports were expected this year, the newspaper said. The stock declined 0.2 percent to HK$17.70.
Shui On Construction & Materials Ltd. (983 HK): The company said it will sell a residential development in Beijing for 492.6 million yuan, with the purchasers also repaying shareholders’ loans of 452.3 million yuan. Shui On Construction, a building materials producer, slid 0.5 percent to HK$9.59.
ZTE Corp. (763 HK): The company signed an agreement to participate in Cambodia’s economic acceleration platform project, Xinhua News Agency said Oct. 1, citing Zhao Yong, the company’s vice president for Southeast Asia. ZTE, a phone equipment maker, fell 0.8 percent to HK$30.90.
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