Hong Kong businessman Raymond Chiu says he has perfect credit and is prepared to spend about HK$16 million ($2 million) on a 1,000-square-foot apartment in the city’s Mid-Levels residential area. There’s just one catch. The government requires a 50 percent down payment.
Henderson Land Development Co., the Hong Kong builder controlled by billionaire Lee Shau-kee, agreed to buy HK$2.96 billion ($382 million) of shares from the founder and his family to broaden its income stream as property sales slow.
Henderson Land Development Co. expects the city’s property market to remain stable after the Hong Kong builder controlled by billionaire Lee Shau-kee posted higher earnings from home sales and rentals. The stock rose.
Hong Kong stocks rose, with the benchmark index capping a two-day gain, after a gauge of China’s services industries jumped to its highest since March. China Unicom (Hong Kong) Ltd. surged on report fees for calls to other networks will be cut.
Henderson Land Development Co., controlled by billionaire Lee Shau-kee, fell to a two-week low in Hong Kong trading after 2011 underlying profit missed analysts’ estimates as the property market cooled.
Asian stocks rose, paring the benchmark equity gauge’s biggest weekly decline in two months, after reports from Europe to the U.S. boosted confidence in the economic recovery and the yen weakened against the dollar.
Henderson Land Development Co., the Hong Kong builder controlled by billionaire Lee Shau-kee, said 2011 underlying profit rose 10 percent on higher rental income and contributions from unit Hong Kong & China Gas Co.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Henderson Land Development Co., the Hong Kong builder controlled by billionaire Lee Shau-kee, reported first-half profit that beat estimates as higher rental income and earnings from its energy businesses offset lower property sales. Shares rose to the highest in a year.