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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Sun Hung Kai Properties Limited    16   HK0016000132

SUN HUNG KAI PROPERTIES LIMITED

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Hong Kong home prices fall for fifth straight month in October

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11/28/2019 | 11:29pm EST
Public and private housing blocks are seen in Hong Kong

Hong Kong private home prices slipped for a fifth consecutive month in October as the Asian financial hub grapples with its biggest political crisis in decades, although the pace of decline slowed.

October prices dropped 1.3% in one of the world's least affordable property markets compared with a revised fall of 1.7% in September, government data showed on Friday.

"Looking at the social and market situation, the price index will continue to decline in November and December," said Thomas Lam, executive director of property consultancy Knight Frank.

He added that low interest rates would provide some support.

The property sector has been relatively resilient compared with the tourism and retail sectors which have been hit badly by six months of often violent anti-government protests and the U.S.-China trade dispute. Hong Kong's home prices are still up 4.6% so far this year.

Aiming to support first-time home buyers, the government last month relaxed rules, allowing them to borrow as much as 90% of a home costing up to HK$8 million ($1 million).

That relaxation of the mortgage cap for first-time buyers as well as a lending rate cut helped restore purchasing power in the housing market in November, Knight Frank said this week.

Knight Frank also expects a planned vacancy tax will prompt developers to dispose of unsold stock at attractive prices for the remainder of 2019.

Realtor Centaline has estimated that sales in the secondary housing market in November will hit their highest level in six months, climbing 40% more than October.

Commercial property prices have also been disappointing for sellers. Although an auction this week saw a record amount paid for a Hong Kong property site, it was at the lower end of estimates.

Sun Hung Kai Properties Limited won the auction for a commercial site above the high speed railway station that links the city to the mainland with its HK$42.2 billion ($5.4 billion) bid.

Property surveyors had given a range of HK$38 billion to HK$79 billion.

(Reporting by Clare Jim; Editing by Edwina Gibbs)

Stocks mentioned in the article
ChangeLast1st jan.
HUB CO., LTD. 0.00%End-of-day quote.0.00%
SUN CORPORATION -3.28% 1682 End-of-day quote.-5.13%
SUN HUNG KAI & CO. LIMITED -1.35% 3.65 End-of-day quote.-0.27%
SUN HUNG KAI PROPERTIES LIMITED 0.09% 111.2 End-of-day quote.0.91%
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Financials (HKD)
Sales 2020 103 B
EBIT 2020 40 426 M
Net income 2020 33 125 M
Debt 2020 88 726 M
Yield 2020 4,63%
P/E ratio 2020 9,64x
P/E ratio 2021 9,16x
EV / Sales2020 3,99x
EV / Sales2021 3,93x
Capitalization 322 B
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Mean consensus BUY
Number of Analysts 16
Average target price 142,86  HKD
Last Close Price 111,40  HKD
Spread / Highest target 72,3%
Spread / Average Target 28,2%
Spread / Lowest Target -7,45%
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Managers
NameTitle
Ping Luen Kwok Chairman & Managing Director
Di Qi Ye Independent Non-Executive Director
Yue Chim Wong Independent Non-Executive Director
Kwok Lun Fung Independent Non-Executive Director
Shau Kee Lee Vice Chairman