Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Property Stocks Gain After HK Suspends Extradition Bill; New World Dev Jumps 3%

Stock MarketsJun 17, 2019 01:22AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Shares in Hong Kong-listed housing developers gained on Monday after the city’s leader decided to suspend a highly controversial extradition bill.

Real estate developers rebounded after Hong Kong Chief Executive Carrie Lam announced the suspension of a proposed extradition bill that sparked days of mass protests.

New World Development Co Ltd (HK:0017) jumped 3.1% by 1:10 AM ET (05:10 GMT), Sino Land (HK:0083) climbed 2.7%, while Sun Hung Kai Properties Ltd (HK:0016) gained 1.6%.

It was reported that as many as two million protesters were on the street on Sunday. It was the biggest protest since Hong Kong was handed back to China in 1997.

In a statement released on Sunday evening, the administration made it clear there was no timetable to re-launch the suspended bill.

Despite the softening tone from the government, hundreds of protestors continued to gather in Hong Kong on Monday morning to express dissatisfaction towards Lam’s statement, as some noted that it was “just a postponement” that left open the options of fully killing the measure.

It was reported last week that Goldin Financial Holdings decided to walk away from a land deal at the Kai Tek development area in Kowloon East and forfeit an HK$25 million deposit due to uncertainties surrounding the extradition bill.

The move triggered a broader sell-off of real-estate stocks late last week.

Property Stocks Gain After HK Suspends Extradition Bill; New World Dev Jumps 3%
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Brian Rawling
Brian Rawling Jun 17, 2019 1:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So Chinese murderers and rapists who hideaway in HK can now sleep peacefully!
jims travelblog
jims travelblog Jun 17, 2019 1:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hey suspends here only mean “slow it down temporarily” . i know what you want to say, but the bill is not revoked yet
Kenny Yap
Kenny Yap Jun 17, 2019 1:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why can these people travel to yr country, u will allow right. Real joker!!!!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email