Double Whammy Slams Hong Kong Developers
- Fed rate hike expectations, stamp duties spur stock declines
- Sun Hung Kai, New World among biggest decliners in November
Hong Kong Developers Go From First to Worst
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Hong Kong developer stocks have gone from being the top performers to the worst, slammed by home price curbs and the expectation of rate hikes following Donald Trump’s win in the U.S. presidential election.
Developers surged 11 percent in the first 10 months of the year to rank as the best performers in that period and helped steer Hong Kong’s benchmark index to its peak in September. That reversed in November as developers slumped 6.6 percent, leading the pack of losers on the Hang Seng Index. Sun Hung Kai Properties Ltd. and New World Development Co. are among stocks that plunged 10 percent or more last month.