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29

Hong Kong Stocks Decline as Fed Bets Sink Property Developers

By Tony Seruga

Sun Hung Kai paces drop among builders with 1.8% retreat
Currency peg to dollar makes Hong Kong vulnerable to Fed rates

Hong Kong stocks fell for the third time in four days amid concern rising borrowing costs will dent the outlook for the city’s property market.

The Hang Seng Index lost 0.4 percent at the close. A gauge of real estate companies declined, with Sun Hung Kai Properties Ltd. and Cheung Kong Property Holdings Ltd. sliding at least 1.2 percent. Sands China Ltd. paced a retreat by casino operators. Prada SpA jumped the most in nearly five years after the luxury-goods maker’s chairman predicted a return to growth in sales and earnings next year. The Shanghai Composite Index was little changed at the close, with a 10-day volatility gauge falling to a two-year low…

Hong Kong Stocks Decline as Fed Bets Sink Property Developers

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