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 crisis, and quite a few market watchers are asking themselves how much more upside there can be. Some analysts argue that the companyÆs recent aggressive investments into China, both on its own and through various...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222