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Bloomberg: Hong Kong Stocks Decline, Led by Property Shares

what’s the equivalent of the Proshares Ultrashort Dow Jones Real Estate ETF (SRS) in Hong Kong on the Heng Senk? The dominos of office buildings speading from the U.S. epicenter across the globe:

Bloomberg: Hong Kong Stocks Decline, Led by Property Shares

By Hanny Wan

Feb. 20 (Bloomberg) — Hong Kong stocks fell, with the benchmark index set for its steepest weekly drop in five weeks, as the slowing economy erodes demand for real estate.

Sun Hung Kai Properties Ltd., Hong Kong’s No. 1 property company by market value, retreated 3.8 percent after a real- estate agency said office rents slumped last month. Swire Pacific Ltd., one of the city’s biggest office landlords, dropped 2.5 percent. Chaoda Modern Agriculture (Holdings) Ltd., China’s largest listed vegetable grower, tumbled 7.1 percent as it sought HK$415.7 million ($54 million) in a share sale.

The Hang Seng Index declined 301.06, or 2.3 percent, to 12,722.30 as of 12:13 p.m. local time, extending its losses this week to 6.1 percent. That would be the gauge’s worst performance since the week ended Jan. 16.

The Hang Seng China Enterprise Index, which tracks so- called H-shares, lost 2.2 percent to 7,103.27.

The Hang Seng Index has lost 12 percent this year amid mounting signs of an economic slowdown. The benchmark is valued at 10 times estimated earnings, down from 18.7 times at the beginning of last year. Hong Kong’s commissioner to the U.S. said yesterday the city’s economy grew between 3 percent and 3.5 percent last year, about half the 6.4 percent pace in 2007.

Sun Hung Kai retreated 3.8 percent to HK$59.85. Cheung Kong (Holdings) Ltd., the city’s No. 2 real estate company by market value, fell 3 percent to HK$62.95. Swire Pacific dropped 2.7 percent to HK$46.70. The Hang Seng Property Index’s 2.8 percent decline was the sharpest among the four industry groups tracked by the Hang Seng Index.

Share Sale

Prime office rents in Hong Kong fell 17 percent in January from a year earlier as landlords sought to retain tenants amid a recession, Colliers International said yesterday.

READ FULL ARTICLE ON BLOOMBERG

P.S. Watch our first FINZ.tv episode on SRS “ETF in 60: IYR Real Estate ETF looks SRS-ly Toast (French Toast)

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