Hopson Development, China Merchants Bank, Sinopec: Hong Kong Stock Preview
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.
The Hang Seng Index slid 1.5 percent to 20,949.40. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, declined 1.5 percent to 11,987.67.
Developers: The southern Chinese city of Shenzhen may limit local families to buying two homes, the Shanghai Securities News reported, citing an unidentified developer.
China Overseas Land & Investment Ltd. (688 HK), controlled by the nation’s construction ministry, advanced 0.8 percent to HK$14.82. China Resources Land Ltd. (1109 HK), a state- controlled developer, was unchanged at HK$14.06.
China Merchants Bank Co. (3968 HK): The nation’s fifth- largest lender by market value said first-quarter net income rose 40 percent to 5.9 billion yuan ($864 million), rebounding from its first annual profit decline in at least six years. The stock dropped 2.1 percent to HK$18.54.
China Petroleum & Chemical Corp. (386 HK): Asia’s biggest oil refiner reported a 39.9 percent jump in first-quarter profit as a resurgent economy boosted fuel demand. Net income climbed to 15.79 billion yuan, the company known as Sinopec said. That’s in line with the 15.8 billion-yuan median estimate of six analysts surveyed by Bloomberg News. The stock slid 2.3 percent to HK$6.27.
Hopson Development Holdings Ltd. (754 HK): Guangzhou Municipal Land Resources and Housing Administrative Bureau has seized three pieces of undeveloped land from property developers including Hopson and Evergrande Real Estate Group Ltd. (3333 HK), Hong Kong Economic Times reported, citing unidentified people.
Hopson, a Hong Kong-based developer of real estate in China, rose 0.4 percent to HK$10.58. Evergrande, a mainland developer, dropped 0.3 percent to HK$3.09.
To contact the reporter on this story: Hanny Wan in Hong Kong at email@example.com