Sun Hung Kai Properties Ltd. said former Chairman Walter Kwok resigned as a non-executive director after the family reached an agreement on its interests in Hong Kong’s second-largest developer by market value.
Hong Kong’s new leader is taking up the battle his predecessor failed to win, seeking to overcome record low mortgage rates and an influx of Chinese buyers to make housing in the world’s most expensive city more affordable.
Hong Kong banks may have succeeded where the government failed as rising mortgage rates curb home price gains and cut sales to the lowest level in two years, signaling the property market may have peaked.
Hong Kong builders are accelerating home sales to raise cash and may issue new shares to help finance projects as credit costs rise amid tightening liquidity at the city’s lenders, according to Barclays Capital Research.
Hong Kong’s developers yesterday signaled gains in home prices may slow further amid rising interest rates in China and the city, when they held back bids that exceeded surveyors’ estimates at a land auction.