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Shares in Hong Kong property developers climbed on Wednesday after the territory’s financial secretary said the government would include 20 new residential sites in its land sale programme for 2017-2018.

Financial secretary Paul Chan said the government’s land sale programme for the year would be made up of 28 residential sites, including 20 new plots, to provide 19,000 flats.

That gave a visible boost to the Hang Seng Property index, which was up 2 per cent in late afternoon trading.

Among that segment’s component stocks, New World Development’s stock headed into the close up 3.6 per cent as the company also reported net income for the six months to December increased 31 per cent to HK$4.3 billion. Shares in developer Sun Hung Kai were up 1.3 per cent, while Sino Land gained 2.5 per cent.

Hong Kong’s benchmark Hang Seng index was up 0.9 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.
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