Shares of New World Development, a major Hong Kong property developer, surged 5.04% on Monday, outperforming the broader market as investors anticipated a potential boost for the local real estate sector.
The stock rally came amid expectations that the U.S. Federal Reserve will cut interest rates this month, a move that could bolster the Hong Kong property market. Hong Kong's monetary policy closely follows the U.S. due to the city's currency peg to the U.S. dollar.
Several Hong Kong developers, including New World Development, CK Asset, Henderson Land, and Sun Hung Kai Properties, are reportedly planning to launch new housing projects in September, betting on increased buyer demand after an anticipated rate cut. CK Asset's shares led gains among major Hong Kong builders, rising 5% to HK$32.35 on Monday.
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