By Sherry Qin Sun Hung Kai Properties' shares plunged early Monday after it reported a fall in its fiscal 2023 net profit. Sun Hung Kai's shares declined 10%.
Citi and Jefferies, which have lowered their target prices for the developer’s stock, see more buy-backs as likely given that the company has ‘limited positive catalysts’ to drive its stock price in the near term.
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The site in Shanghai’s central Huangpu district is next to a parcel it acquired for US$1.86 billion in January last year and will form phase 2 of a larger project, Kerry says in exchange filing.