David Ng News
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The gap between Hong Kong home prices and sales is the widest on record as new taxes, rising supply and the prospect of higher mortgage costs deter buyers in the world’s most expensive housing market.
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Investor demand for bigger dividends and smaller stock swings has pushed Malaysian telecommunications shares to record valuations and convinced at least one of the nation’s top-ranked fund managers the rally isn’t over.
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Hong Kong officials, who have struggled in vain for three years to slow the growth in home prices, are about to get their wish as the city’s biggest banks raise mortgage rates.
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Malaysian stocks are poised to extend losses after completing their worst month since September 2011 on concern the nation’s ruling coalition may lose seats in elections, according to UBS AG and Goldman Sachs Group Inc.
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Malaysian stocks fell for a fifth day as a selloff in the nation’s biggest companies dragged the benchmark index to its lowest level in almost five months.
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Evergrande Real Estate Group Ltd., China’s biggest developer by sales volume, fell by the most in five months in Hong Kong trading after it announced a share placement.
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Sales at Hong Kong’s biggest private residential projects fell to a fewer than 10 for a second straight weekend after the developer controlled by the city’s richest man said it would cut prices of new units in response to a doubling of the stamp duty.
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Genting Singapore Plc , the world’s third-biggest casino company by market value, slid to the lowest in four months in intraday trading in Singapore after posting a fourth-quarter loss on discontinued operations in the U.K.
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Martin Lee, the youngest son of Hong Kong real estate tycoon Lee Shau-kee , paid HK$1.82 billion ($233 million) for a site in the city’s most expensive residential area, signaling luxury home demand is withstanding government measures to avert a bubble.
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Hong Kong’s central bank tightened mortgage lending after saying a third round of quantitative easing by the U.S. Federal Reserve risks pushing up home prices that have already surpassed their 1997 peak.
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