Li Ka-shing, Asia’s richest man, backed recent measures by the Hong Kong government to curb an “unhealthy” surge in property prices that’s turned the city into the world’s most expensive housing market.
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 rose, lifting the city’s benchmark index to a 19-month high as China Merchants Holdings International Co. led gains on a report the government of Shenzhen may review land-use policies for a site the company jointly owns.
China Vanke Co.’s Hong Kong unit jointly won a HK$3.43 billion ($442 million) bid for a site in the city, marking the entry into the first new market for the biggest developer listed on Chinese exchanges.
Sales at Sunac West Chateau, a residential project in Beijing, surged almost 50 percent in June as the developer opened new buildings to attract buyers betting on a recovery even as the government pledges to keep a lid on the housing market.
Chinese developers plunged in Hong Kong trading after Reuters said the nation’s banking regulator told trust companies to report dealings with Greentown China Holdings Ltd., sparking concerns of a funding squeeze.