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The Hong Kong stock market has moved lower in back-to-back sessions, dropping almost 280 points or 1.7 percent along the way. The Hang Seng Index now sits just above the 16,510-point plateau although it's due for support on Friday.
New World Development has agreed to sell its shopping centre and parking spaces in Tsuen Wan to Chinachem Group for US$510 million, speeding up asset sales to trim its financing costs.
The Hong Kong stock market headed south again on Wednesday, one day after ending the two-day slide in which it had slumped more than 100 points or 0.6 percent. The Hang Seng Index now sits just above the 16,530-point plateau and it's looking at another soft start again on Thursday.
NWD plans to launch 2,500 units ahead of schedule to capture the improved sentiment unleashed by the withdrawal of all property curbs in Hong Kong after posting a profit decline for the six months ending on December 31.
House prices have been dropping for nine months in a row and share prices have been low as changes to freedoms in the former British colony have worried investors