Sun Hung Kai Properties issues stock for China expansion

Does new share issue by top Hong Kong property company indicate that the canny Kwok family see this as the "top" of the market?

Jumping on the recent trend, Sun Hung Kai Properties yesterday May 9 raised HK$7.86 billion $1.01 billion from its first share placement in more than 10 years.

The transaction surpassed the previous day's placement by Aluminum Corp of China Chalco to become the second largest Hong Kong block trade this year, although the sale did not come without a struggle.

The share price of Hong KongÆs largest property developer is already at its highest level since the Asian financial...

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