Hong Kong property shares fall on fresh housing curbs
HONG KONG (REUTERS) - Shares of Hong Kong property companies like Cheung Kong Holdings and Sun Hung Kai Properties fell to their lowest in nearly two months on Monday, with realtors taking the bigger hit after the city's government introduced tougher measures last Friday to cool the market.
Property agent Midland Holdings fell as much as 6.6 per cent to its lowest in three months in morning trade, topping losses in the sector.
Cheung Kong Holdings fell 1.9 per cent, while Sun Hung Kai Properties dropped 2.3 per cent. The Hang Seng Index went into the midday trading break up 0.1 per cent at 22,783.7.
Analysts expect the new cooling measures to only have a short-term effect on property transactions and said Hong Kong's government is likely to launch further housing curbs in the near future.