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    101   HK0101000591

HANG LUNG PROPERTIES LIMITED

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Hong Kong home price growth slows in June, weighed by political uncertainties

07/30/2020 | 11:23pm EDT
Cable cars move past residential flats at Lantau island in Hong Kong

Hong Kong private home prices edged up 0.1% in June, decelerating from a revised 2.2% gain in the previous month, as one of the world's most expensive markets continued to be pressured by the COVID-19 pandemic and political uncertainties.

Home prices in the financial city have been fluctuating so far this year, posting declines in February and April, and gains in rest of the months. For the first half, prices accumulatively gained 1.8%.

"The current property market is very 'deformed'; home prices still remain high, but rents have already been falling due to a weak economy," said Thomas Lam, executive director of property consultancy Knight Frank.

In June, the market recovery was capped by Beijing's plan to impose national security law in the city, sparking a fresh round of escape plans among residents.

Property agents said the fresh wave of COVID-19 outbreak in early July further dampened market sentiment, and the government's social distancing measures hindered flat-visiting activities.

With the economy in recession, Lam expected the impact on home purchasing power would surface in the fourth quarter, pressuring prices.

The economy contracted 9.0% in April-June from a year earlier, shrinking for the fourth quarter in a row and the second-biggest drop on record, government advance estimates showed earlier this week.

Realtors added, however, with the strong pent-up demand and low interest rate environment, they did not expect to see a big correction in prices.

Developer Hang Lung Properties said on Thursday home transaction volume dropped in the first half because of the pandemic, and there could be some more correction going forward.

(Reporting by Clare Jim; Editing by Simon Cameron-Moore and Subhranshu Sahu)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HANG LUNG GROUP LIMITED -1.72% 20.05 End-of-day quote.3.99%
HANG LUNG PROPERTIES LIMITED -1.42% 19.48 End-of-day quote.-4.74%
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Financials
Sales 2021 10 236 M 1 319 M 1 319 M
Net income 2021 4 842 M 624 M 624 M
Net Debt 2021 32 264 M 4 157 M 4 157 M
P/E ratio 2021 17,8x
Yield 2021 3,98%
Capitalization 87 642 M 11 292 M 11 291 M
EV / Sales 2021 11,7x
EV / Sales 2022 10,1x
Nbr of Employees 4 407
Free-Float 40,6%
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Technical analysis trends HANG LUNG PROPERTIES LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 23,73 HKD
Last Close Price 19,48 HKD
Spread / Highest target 38,6%
Spread / Average Target 21,8%
Spread / Lowest Target 0,10%
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Managers and Directors
NameTitle
Pak Lo Wai Chief Executive Officer & Executive Director
Hau Cheong Ho CFO, Secretary & Executive Director
Chi Chung Chan Chairman
Wai Leung Yuen Independent Non-Executive Director
Chiu Fai Ho Independent Non-Executive Director