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Hong Kong property shares slide after new curbs

Published on Oct 29, 2012 9:51 AM
 
Hong Kong real estate stocks slid on Monday as investors locked in profits in the outperforming sector after the city announced new property cooling measures on Friday aimed at curbing price increases.  -- PHOTO: AFP

HONG KONG (REUTERS) - Hong Kong real estate stocks slid on Monday as investors locked in profits in the outperforming sector after the city announced new property cooling measures on Friday aimed at curbing price increases.

Shares of New World Development, which before Monday had jumped 104 per cent on the year, were set to open down 7 per cent. Rival Sun Hung Kai Properties was set to start down 4.5 per cent.

The Hang Seng Property Index, a sub-index that tracks the seven Hong Kong and two Chinese developer stocks that are components on the Hang Seng Index, was set to open down 3.4 per cent.

The Hang Seng Index was indicated to start down 0.3 per cent.