On July 15, Sun Hung Kai Properties rose 3.15% in regular trading, reaching HK$121.1 per share, with turnover of HK$222 million.

On the news front, the company announced the completion of its acquisition of the remaining two-thirds interest in the Guangzhou Teem Plaza project from Evergrande Real Estate and KWG Group for a combined consideration of RMB 320 million. Sun Hung Kai Properties now wholly owns the project, which includes the 93,000-square-meter IGC Mall and the Conrad Guangzhou Hotel with over 300 rooms, located in the core CBD of Zhujiang New Town. The transaction marks the end of a nearly 20-year tri-party joint venture, with the sellers divesting under debt restructuring pressure.

Additionally, Citi recently issued a report expecting Hong Kong property stocks to deliver improved first-half results, driven by development margins recovering to 13%-18% from 3%-8% a year earlier, strong sales revenue recognition, and lower financing costs. Citi named Sun Hung Kai Properties among its sector top picks alongside Swire Properties, CK Asset, and Link REIT.

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