Property News · April 5, 2020

Hong Kong developers buy US$193.5 million worth of own shares in bid to support market, boost confidence


The slumping equity market has prompted some Hong Kong developers and their majority owners to step in and shore up support for investors, while increasing their stakes at the same time.At least three companies – New World Development, Wheelock and Co, and a joint venture owned by the father-son duo of Li Ka-shing and Victor Li Tzar-kuoi – have been actively involved in buying shares on the slide.They swooped in on nearly HK$1.5 billion (US$193.5 million) worth of stock last month after prices…

Source : South China Morning Post
Read more…Hong Kong developers buy US3.5 million worth of own shares in bid to support market, boost confidence