0904 GMT - Sun Hung Kai Properties and Henderson Land Development remain undervalued, Morningstar equity analyst Xavier Lee writes in a note. Lower borrowing rates in Hong Kong could support developers' sales in the near term, Lee says, noting a sharp drop in the one-month Hong Kong Interbank Offered Rate that brings effective mortgage rates below 2.4%. Sun Hung Kai and Henderson's earnings are likely to be supported by diversified income streams from their office and retail properties, he adds. The developers will likely to prioritize clearing existing inventory and are unlikely to raise prices, as unsold property remains high, Lee adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
June 18, 2025 05:05 ET (09:05 GMT)
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