BYD, Geely, New World, Wynn Macau: Hong Kong Equities 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.
Carmakers: China’s passenger-car sales grew 7.3 percent in August to 1.1 million units, according to the China Association of Automobile Manufacturers.
BYD Co. (1211 HK), a Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., said shareholders approved the issue of up to 6 billion yuan ($939 million) of domestic bonds. The shares rose 1.3 percent to HK$15.76.
Geely Automobile Holdings Ltd. (175) (175 HK), which receives most of its revenue from China, said August vehicle sales gained 1.1 percent from a year earlier to 25,593 units. The stock rose 0.5 percent to HK$2.15.
Developers: Hong Kong home prices fell 0.81 percent in the seven days ended Sept. 4 from a week earlier, according to Centaline Property Agency Ltd.
Sun Hung Kai Properties Ltd. (16) (16 HK), the world’s biggest developer by market value, fell 1 percent to HK$104.10.
New World Development Co. (17 HK), a Hong Kong-based developer, slid 0.5 percent to HK$9.41.
China Overseas Land & Investment Ltd. (688) (688 HK): The developer controlled by the nation’s construction ministry said property sales in August fell 11 percent to HK$4.4 billion ($564 million) from a year earlier, according to an e-mailed statement from the company. The stock sank 0.6 percent to HK$15.46.
China State Construction International Holdings Ltd. (3311) (3311 HK): The provider of building construction services said its new contract value rose 49 percent to HK$25.7 billion for the first eight months of 2011 from a year earlier. The stock gained 0.5 percent to HK$5.70.
Royale Furniture Holdings Ltd. (1198) (1198 HK): The Hong Kong- based maker of home furniture hired Hang Seng Bank Ltd. (11) (11 HK) to help it arrange a HK$300 million loan, according to a person familiar with the matter. Royale Furniture was unchanged at HK$2.31. Hang Seng Bank slid 0.2 percent to HK$109.60.
United Energy Group Ltd. (467) (467 HK): The Hong Kong-based oil and gas explorer said it aims to acquire assets valued at no less than the $775 million it agreed to pay BP Plc for fields in Pakistan. “We are unwilling to buy anything that’s below the size of the BP assets,” Chief Financial Officer Thomas Pang told reporters. The stock rose 1.2 percent to 83 Hong Kong cents.
Wynn Macau Ltd. (1128) (1128 HK): The unit of the casino operator founded by billionaire Steven Wynn said it will pay the government 1.55 billion patacas ($193 million) as a premium for 51 acres in Cotai, Macau. The stock slid 0.2 percent to HK$24.70.
To contact the reporter on this story: Kana Nishizawa in Hong Kong at firstname.lastname@example.org.
To contact the editor responsible for this story: Nick Gentle at email@example.com.