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.