Hong Kong Property Shares Rally as Morgan Stanley Feeds Optimism

Hong Kong property shares rallied, leading gains in the broader market along with technology stocks, after Morgan Stanley boosted its forecast for home prices.

A gauge of builders jumped 1.8% on Monday and has led the Hang Seng Index over the past month. Henderson Land Development Co. climbed 5% after Morgan Stanley raised the stock to overweight from neutral and lifted its price target to HK$37 from HK$33, saying the developer stands to be a beneficiary of home prices heading higher while interest rates are set to decline.