BlackRock Cuts Hong Kong Investment, Sees Prices Drop
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BlackRock Inc. is reducing its investment in Hong Kong, betting the city’s equity and property markets will trail other Asian countries as growth slows in the world’s two biggest economies.
Hong Kong stocks may underperform as the U.S. pares stimulus and China tightens credit, said Andrew Swan, head of Asian equities at BlackRock, the world’s largest money manager with $4.1 trillion in assets as of Sept. 30. Home values in the city may fall more than 10 percent into 2014 amid government measures to curb prices and rising U.S. interest rates, he said.