New index lifts property firms

Business | Staff reporter 20 Apr 2021

Shares of major property management service companies rose as the Hang Seng Indexes Company launched a new index to track the sector.

The index compiler launched the Hang Seng Property Service and Management Index yesterday, a benchmark to reflect the performance of the 30 largest property management and related services companies in Hong Kong.

Among the 30 stocks, Excellence Commercial Property & Facilities Management (6989) climbed by 6.79 percent yesterday, the biggest gainer in the sector.

Last year, 18 mainland property management companies went public in Hong Kong, hitting a record high in a single year. The market predictions indicate that there may be more than 70 property managers listed in Hong Kong by the end of 2021, the Hang Seng Indexes Co said.

Daniel Wong, director and head of research and analytics at Hang Seng Indexes Co, said the sector is counter-cyclical in nature and operates under an asset-light model, enabling companies to capture the high growth potential amid changing market conditions.

Meanwhile, Guangzhou launched its futures exchange yesterday. Shares of Hong Kong Exchanges and Clearing (0388), which hold a 7 percent stake in the new exchange, rose 2.70 percent yesterday.

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