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DJ MARKET TALK: HK Developers Up; GS Likes Sino, Kerry, SHKP, HLP
1448 [Dow Jones] HK developers are higher, with Sun Hung Kai Properties (0016.HK) +0.9% at HK$128.50, Sino Land (0083.HK) +0.4% at HK$14.32, and Henderson Land (0012.HK) +0.9% at HK$50.70.
Goldman Sachs says the sector is standing at about 26% discount to the house's NAV estimates based on their current prices.
Earlier this week, Cheung Kong's (0001.HK) unit Carlford Investments has won the tender for a rural site in the New Territories for HK$2.41 billion; the house says the high tender price suggests that demand for large residential parcels remains strong.
"The tender result bodes well for upcoming launches - particularly those projects in nearby areas, such as Cheung Kong's Uptown in Hung Shui Kiu and Sun Hung Kai Properties' One Regent Place in Yuen Long and Avignon in Tuen Mun."
Its top picks are Sino Land, Kerry (0683.HK), Sun Hung Kai Properties and Hang Lung Properties (0101.HK).
Source: Dow Jones Newswire