Property stocks fell across the board yesterday amid profit taking and concern the depressed economy could cut developers' earnings.
Mainland developer Shimao Property Holdings was the worst hit, losing 8.43 per cent to close at HK$4.67. Wharf (Holdings) dropped 7.69 per cent to HK$18, Agile Property Holdings was down 6.88 per cent at HK$2.84, and Sino Land fell 5.52 per cent to HK$7.18.
Cheung Kong (Holdings) declined 3.29 per cent to HK$70.50, while Sun Hung Kai Properties closed 2.05 per cent lower at HK$67.95.
'The sector was under selling pressure, as it gained so much once the market opened last Thursday after the Lunar New Year break,' said Li Kwok-suen, a fund manager at Phillip Capital Management.
South China Morning Post