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Construction Bank, Kunlun, PetroChina: Hong Kong Stock Preview

Dec. 28 (Bloomberg) -- The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the close on Dec. 24.

The Hang Seng Index dropped 0.3 percent to 22,833.80. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 0.6 percent to 12,442.94.

Developers: Hong Kong existing-home sales over the three-day holiday weekend fell 0.7 percent from the previous week on a daily average basis, Midland Holdings Ltd. said.

Any additional measures by Hong Kong’s government to cool house-price gains would run the risk of crimping demand among “real buyers” as well as speculators, said Mark McCombe, chief executive officer of HSBC Holdings Plc’s Hong Kong unit. Sun Hung Kai Properties Ltd. (16 HK), the city’s biggest developer by market value, slid 0.2 percent to HK$128.60. Cheung Kong (Holdings) Ltd. (1 HK), the No. 2, declined 0.7 percent to HK$120.

China Construction Bank Corp. (939 HK): The company tied up with Taiwan’s China Life Insurance Co. to invest in Pacific Antai Life Insurance Co., the first insurance venture since China and Taiwan signed a trade accord six months ago. China’s second-largest bank said it bought 1 percent of Shanghai-based Pacific Antai, boosting its stake to 51 percent. Construction Bank dropped 1.2 percent to HK$6.78.

Macau Investment Holdings Ltd. (2362 HK): The company, which offers property and financial investment services, said East Asia Sentinel Ltd. has resigned as the company’s auditor, effective Dec. 24, owing to a dispute regarding the audit fee for the financial year ending Dec. 31. The stock gained 3.9 percent to HK$2.96.

PetroChina Co. (857 HK): The nation’s largest oil and gas producer has agreed to sell its stake in a natural gas pipeline operator to a Hong Kong-listed subsidiary for 18.9 billion yuan ($2.9 billion). Kunlun Energy Co. (135 HK) will buy the 60 percent holding in Beijing Natural Gas Pipeline Co., the two companies said. PetroChina lost 0.5 percent to HK$9.93. Kunlun Energy gained 1.6 percent to HK$12.42.

To contact the reporter responsible for this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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