|Bid||125.100 x 0|
|Ask||125.200 x 0|
|Day's range||124.400 - 125.700|
|52-week range||113.500 - 139.600|
|PE ratio (TTM)||11.07|
|Forward dividend & yield||2.40 (1.95%)|
|1y target est||151.97|
has set a record price for residential land in Hong Kong with a HK$25.2bn ($3.2bn) lump sum price for a plot at the former Kai Tak airport site, the latest indicator of the territory’s red-hot property market. The plot has a gross area of 1.42m square feet, while the price was a record lump sum for Hong Kong land sales. SHK Properties planned to invest around HK$40 billion to the project.
Sun Hung Kai Properties Ltd.’s record HK$25.2 billion ($3.2 billion) purchase of a coveted plot near Hong Kong’s former airport signals that the city’s developers are brushing off concern that expected rate increases will damp the red-hot housing market. Sun Hung Kai beat out bidders including units from CK Asset Holdings Ltd. and Henderson Land Development Co., paying almost one-and-a-half times the previous record for a land sale set in November. Hong Kong developers are bracing for the first increase in the city’s prime rate in more than a decade as U.S. rate increases and declining liquidity on the back of a weaker Hong Kong dollar add pressure on key banks to boost the 5 percent rate, a cap for mortgages.