Hang Lung Properties Ltd., the Hong Kong developer that makes more than half of its revenue from mainland China, posted first-half underlying profit that beat estimates on higher-than-expected rental growth in the city.
Hong Kong property shares fell the most in seven months after the government imposed a tax on overseas homebuyers to deter capital inflows and reduce the risk of a bubble in the world’s most expensive housing market.
Hong Kong’s government sold a site at a land auction today to Nan Fung Development Ltd. for almost a third less than surveyors’ estimates as government measures to curb property speculation cool demand.
Hong Kong’s government announced its first property tax targeted at overseas buyers, stepping up efforts to cool home prices as U.S. monetary easing and record- low interest rates raise the risk of a bubble.
Cheung Kong Holdings Ltd., the developer controlled by Asia’s richest man, is canceling the sale of HK$1.4 billion ($180 million) of hotel rooms after Hong Kong’s securities regulator began a probe into the transactions.
Cheung Kong Holdings Ltd., the builder controlled by Asia’s richest man, said 2012 profit excluding contributions from unit Hutchison Whampoa Ltd. rose 6 percent as rental income growth offset a decline in home sales.