Shares in Hong Kong developers plunge as companies beg for more land


In Asia Wednesday, Hong Kong's Hang Seng Index dropped 1.8 percent to end the day at 21,762. Japan's Nikkei Index fell to 10,075 – a decline of 1.4 percent and the Shanghai Composite Index added 0.3 percent to close at 3,031.

In Hong Kong, property development company stocks suffered after building executives met with the territory's Financial Secretary to discuss the high price of land in Hong Kong, where virtually every bit of rocky land is owned by the government and leased to developers. About 70 percent of Hong Kong island is parkland, and the developers are asking the government to make more of it available to them in order to dampen the current price escalation. Sino Land Ltd. (SNLAY) plunged 4.6 percent, New World Development Ltd. (NDVLY), slid 4.3 percent, Cheung Kong Holdings Ltd. (CHEUY) lost 2.7 percent and Sun Hung Kai Properties Ltd. (SUHJY) slipped 1.9 percent.