Hong Kong Stocks On Track For Worst Close In A Year; Hopson Said Buying Evergrande Unit

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on pocket
Pocket
Share on whatsapp
WhatsApp
Hong Kong Stocks On Track For Worst Close In A Year; Hopson Said Buying Evergrande Unit

Hong Kong’s benchmark stock index ended the morning on track for its lowest close in year after trade in financially strapped China Evergrande Group was suspended. Technology stocks were lower.

The Hang Seng Index lost 2.2% to 24,022.64. That’s just above its recent closing low of 23,980.65 on Oct. 6 last year.

China Evergrande Group, the world’s most indebted real estate developer, and Evergrande Property Services, its property management arm, halted trading in their shares this morning. China Evergrande said the halt was connected to a possible major transaction, and Evergrande Property said it was tied to a possible general offer for its shares.  Reports said Chinese developer Hopson Development, whose shares were also halted, would buy a 51% for $5 billion, Reuters said.

Hopson is controlled by China billionaire Chu Mang Yee. Chu is worth $7 billion on the Forbes Real-Time Billionaires List today. His 32-year-old daughter Chu Kut Yung is the company chairman.

Alibaba, the second most actively traded share by value, lost 2.3% to close at HK$138.90; its U.S.-traded shares closed at $144 on Friday, their worst close since 2019.

All of the top five shares traded fell in Hong Kong this morning. Tencent slid 0.7%, Meituan dropped 4%, Wuxi Biologics lost 7.7%, and AIA fell 2.2%.

See related post:

Is It Time To Buy High-Year Real Estate Debt? This Asia Hand Says “Yes,” Selectively

EV Sales By BYD, XPeng Soar In Sept., Underscoring Strong China Demand

@rflannerychina

Source link

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on pocket
Pocket
Share on whatsapp
WhatsApp

Never miss any important news. Subscribe to our newsletter.

Recent News

Editor's Pick