Hong Kong Builders Fall on Sun Hung Kai Earnings, HSBC Rate Plan
- Hang Seng property subindex falls by most in seven months
- Sun Hung Kai down as much as 13% after profit disappointment
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Hong Kong property stocks suffered their biggest selloff in seven months, hit by disappointing earnings at the city’s top builder and a major bank’s reported plan to raise mortgage rates.
The Hang Seng Index’s property sub-gauge dropped as much as 4.5%, the most since Feb. 13. Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer, led the declines by plunging nearly 13% to its lowest intraday level since 2009.