HongkongLand USD (H78.SI) plummeted 3.14% during intraday trading on Friday, extending losses from the previous session.
The decline follows the property developer's announcement that it acquired a 10.8% stake in Suntec Real Estate Investment Trust for S$541 million. The transaction, finalized to grow HongkongLand's presence in Singapore's prime commercial sector, involves the purchase of just under 318 million units of Suntec Reit.
Investors appear to be reacting to the significant capital outlay for this strategic investment, which contributed to the stock closing 4.2% lower in the prior session before the additional intraday drop.