HK Stock Market Move | Most Hong Kong property stocks are under pressure, with SHK PPT (00016) down over 5% and SWIRE PROPERTIES (01972) down over 4%.

Most Hong Kong property stocks are under pressure. As of the time of writing, SHK PPT (00016) is down 4.77%, trading at HKD 115.9; SWIRE PROPERTIES (01972) is down 4.58%, trading at HKD 22.9; HANG LUNG PPT (00101) is down 3.47%, trading at HKD 7.38; CK ASSET (01113) is down 3.07%, trading at HKD 46.7. On the news front, Yang Ming-yi, Senior Joint Director of the Research Department at Centaline Property, stated that in July, the total number of registered building sale and purchase agreements was 6,715, with a total value of HKD 51.747 billion, representing declines of 28.8% and 37.5%, respectively, compared to 9,434 agreements and HKD 82.845 billion in June. Both the number and value are the lowest in 11 months since August 2022, which saw 6,462 agreements and HKD 47.775 billion. Yang pointed out that the severe crackdown on illegal cross-border investments by the China Securities Regulatory Commission at the end of May has continuously pressured Hong Kong stocks, creating a thick atmosphere of caution in the property market, which has significantly slowed down transactions during June.