Asian stocks outside Japan declined, led by material producers and developers, on concern policy makers in China will step up efforts to cool the property market and as Hong Kong banks raised mortgage rates.
Hang Lung Properties Ltd., the Hong Kong-based company investing more than $8.5 billion building malls in mainland China, bought land in Wuhan for 3.3 billion yuan ($529 million) for a mixed-used development.
Hang Lung Properties Ltd., the Hong Kong developer investing more than $8.5 billion building malls in mainland China, said 2012 underlying profit almost doubled after the company sold more properties in the city.
Hong Kong stocks fell, with the city’s benchmark index dropping the first time in three days, as data showed the pace of China’s manufacturing expansion unexpectedly slowed ahead of a National People’s Congress next week that will set this year’s growth target.
Hang Lung Properties Ltd., the Hong Kong developer of shopping malls in other parts of China, said half-year underlying profit rose 29 percent after reporting higher rents from its Shanghai properties. The stock surged.
Hang Lung Properties Ltd., the Hong Kong developer that focuses on building shopping malls in China, said first-half underlying profit rose 72 percent after it booked more gains from selling homes and commercial assets.
Hang Lung Properties Ltd. Chairman Ronnie Chan said some big developers in China are struggling to get funds and smaller ones may go out of business, spurring opportunities for financially stronger companies.