China Merchants Soars on Qianhai Land Report: Hong Kong MoverJasmine Wang and Kelvin Wong
China Merchants Holdings International Co., a port operator whose parent owns land in Shenzhen’s Qianhai district, jumped the most in three years after a report on talks between officials and property owners there.
China Merchants Holdings gained 8.8 percent, the most since June 1, 2009, to close at HK$28.40 in Hong Kong trading today. It was the biggest percentage gainer in the city’s benchmark Hang Seng Index, which rose 0.29 percent to 23,659.
Shenzhen officials may soon review land policies for Qianhai, the Hong Kong Economic Times reported today, without saying how it got the information. China seeks to develop the Qianhai special zone, a 15-square-kilometer (5.8-square-mile) area on Shenzhen’s west side, into a financial services hub.
About 27.5 percent of the land in Qianhai is owned by shipping box maker China International Marine Containers Group Co. and logistics service provider Shenzhen International Holdings Ltd. and China Merchants Group Ltd., parent of China Merchants Holdings, the newspaper said, citing its own calculation.
China International Marine gained 18 percent to HK$16.46 in Hong Kong trading. Shenzhen International soared 21 percent, the most since April 2000, to close at HK$1.09.
Calls to China Merchants’ press office went unanswered today.
Qianhai will be a test ground for freer yuan use and capital-account convertibility, China’s National Development and Reform said last year. Companies in Qianhai will be encouraged to sell yuan-denominated bonds in Hong Kong and to experiment with cross-border loans in the Chinese currency, the National Development and Reform Commission said in June.
Shenzhen, which adjoins Hong Kong, was China’s first special economic zone.