Hong Kong property stocks jump after city scraps cooling measures
Publishing timestamp: 2024-02-28 01:59:07
Summary
Hong Kong property developers' stocks rose after financial secretary Paul Chan scrapped property cooling measures in bid to bolster the sector. The Hang Seng Property index jumped 2.4% following the announcement, but has since slipped. The housing prices in Hong Kong have plunged almost 20% since their peak in 2021, but with the reduction in stamp duty, there is expected to be a quick pickup in transaction volumes and a potential increase in property prices towards the end of the year.
Sentiment: POSITIVE
Tickers: .HSI, 12-HK, 1113-HK, 17-HK, 16-HK, 14-HK,
Keywords: economic events, business news, ck asset holdings ltd, asia economy, hysan development co ltd, henderson land development co ltd, housing, sun hung kai properties ltd, new world development co ltd, real estate,