New World Development (00017) rose more than 5% in the afternoon, up 4.82% at the time of publication, to HKD 6.74, with a turnover of HKD 25.3493 million.
According to the Zhongtong Finance APP, New World Development (00017) rose more than 5% in the afternoon, up 4.82% at the time of publication, to HKD 6.74, with a turnover of HKD 25.3493 million.
On the news front, New World Development announced that it plans to hold a board meeting on September 26 to approve the annual performance. Bocom Intl previously stated that New World Development has released the latest financial update for the 2024 fiscal year and made preliminary estimations for annual profit and some provisions, with an expected core operating surplus of HKD 6.5 to 6.9 billion.
According to Morgan Stanley, Hong Kong banks' HIBOR (Hong Kong Interbank Offered Rate) is expected to drop to 2.75% in one month in 2020, and the actual mortgage rate under the best offer (P-1.75%) is expected to drop to 3.25%. The bank believes that compared to retail and office properties, Hong Kong's residential market will benefit more from the rate cut in the US. It is expected that Hong Kong residential property prices will rebound by 5% next year, while they are projected to decline by 8% this year, amounting to a 30% drop from the peak. The bank estimates that for every 100 basis points drop in HIBOR, the average profit of Hong Kong property developers will increase by 5%.