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.The selling came after Sun Hung Kai recorded a worse-than-expected 17% drop in full-year profit, another example of a local real estate market pressured by rising interest rates and a supply glut.
Fears of a home price war in the city has surfaced since billionaire Li Ka-shing’s real estate arm offered deep discounts on a new project last month. Other local builders also fell Monday, with New World Development Co. down as much as 8.3% and Henderson Land Development Co. off 5.7%.
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