Shares in Hong Kong’s four biggest family-owned developers have dropped more than a third in the past four years, with nearly $50bn wiped off their market capitalisation as Covid-19 restrictions and interest rate rises took a toll on the property market.
Four families dominate the Hong Kong property market: the Lis of CK Asset, the Kwoks of Sun Hung Kai Properties, the Lees of Henderson Land and the Chengs of New World Development.
The share prices of their Hong Kong-listed stocks have fallen by an average of about 35 per cent since April 2019, with their combined market value falling from about $132bn to $86bn by the end of March. New World and Henderson saw the biggest declines, of 62 per cent and 40 per cent, respectively.
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