HK developers hit by double whammy; stock rally fades in Nov

Hong Kong

HONG Kong developer stocks have gone from being the top performers to the worst, slammed by home price curbs and the expectation of rate hikes following Donald Trump's win in the US presidential election.

Developers surged 11 per cent in the first 10 months of the year to rank as the best performers in that period and helped steer Hong Kong's benchmark index to its peak in September. That reversed in November as developers slumped 6.6 per cent, leading the pack of losers on the Hang Seng Index. Sun Hung Kai Properties Ltd and New World Development Co were among stocks that plunged 10 per cent or more last month.