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SUN HUNG KAI PROPERTIES LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-24 am EDT
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Falls in Hong Kong home prices slow in March

04/26/2022 | 11:59pm EDT

HONG KONG, April 27 (Reuters) - Declines in Hong Kong private home prices slowed in March as a COVID wave in the city stabilised and the government foreshadowed an easing of social restrictions, official data showed on Wednesday.

Prices in the world's most unaffordable housing market were 0.7% lower in March than in the previous month, according to the data. That compared with a revised monthly fall of 2% seen in February.

Private home prices have fallen 3.2% so far this year to the lowest level since December 2020, driven down by the economic effect of some of the world's most stringent social restrictions for fighting COVID. The government measures have also prompted real estate agents to lower forecasts for the rest of 2022. .

Nonetheless, realtors estimate the housing market has bottomed, with prices and transaction volumes trending up this month. Property developers are rushing to launch new sales in response to the withdrawal of some social restrictions, taking effect this month.

Presales of Grand Mayfair I, a development in Yuen Long, New Territories, received 25 times over-subscription for 388 units on offer, local media reported. Grand Mayfair I is being developed by Sino Land, K. Wah International Holdings and China Overseas Land & Investment.

Major developer Sun Hung Kai Properties (SHKP) said last week it planned to launch new sales in around six developments this quarter and next.

"The property market will likely ... see a relatively strong bounce in third and fourth quarter. expect it will post a 5-10% gain for the full year," said SHKP Deputy Managing Director Victor Lui.

Realtor Hong Kong Property said its survey in mid-April showed 36.2% of the respondents were optimistic about the property market in the next 12 months, rising from 28.4% three months earlier, while those who felt pessimistic dropped to 33.7% from 42.3%.

Shortage of land is the main factor behind Hong Kong's housing prices, which survey company Demographia ranks as the world's highest.

An 80-square-metre (860-square-foot) apartment on Hong Kong island costs around HK$16 million ($2 million), according to the latest data.

($1 = 7.8283 Hong Kong dollars) (Reporting by Clare Jim; Editing by Bradley Perrett)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA OVERSEAS LAND & INVESTMENT LTD. -0.86% 23.15 Delayed Quote.26.49%
K. WAH INTERNATIONAL HOLDINGS LIMITED -0.70% 2.83 Delayed Quote.-5.32%
SINO LAND COMPANY LIMITED 0.36% 11.22 Delayed Quote.15.14%
SUN HUNG KAI & CO. LIMITED 0.56% 3.61 Delayed Quote.-13.70%
SUN HUNG KAI PROPERTIES LIMITED -0.22% 92 Delayed Quote.-2.54%
All news about SUN HUNG KAI PROPERTIES LIMITED
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Financials
Sales 2022 84 385 M 10 751 M 10 751 M
Net income 2022 29 568 M 3 767 M 3 767 M
Net Debt 2022 96 481 M 12 292 M 12 292 M
P/E ratio 2022 9,01x
Yield 2022 5,38%
Capitalization 267 B 33 965 M 33 965 M
EV / Sales 2022 4,30x
EV / Sales 2023 3,91x
Nbr of Employees 38 500
Free-Float 48,1%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 92,00 HKD
Average target price 121,25 HKD
Spread / Average Target 31,8%
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Managers and Directors
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
Ka Cheung Li Independent Non-Executive Director