Hong Kong developers decline after investors sell on tighter home-buying rules

Shares of Hong Kong property developers slumped yesterday on fears that tighter home buying rules will frighten cash-rich mainland buyers and cause a slide in property prices.

Leading the declines were New World Development, whose shares have more than doubled this year, and Sino Land, which was downgraded to a neutral rating by UBS yesterday owing to its high exposure to the luxury home market.

New World shed 6.36 per cent to close at HK$12.08 while Sino Land lost 6.4 per cent to end at HK$13.74.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1072693/hong-kong-developers-decline-after-investors-sell