Traders switched to property developers as mainland retail investors and money managers turned to social media to trade barbs on stock picking strategy in new-energy companies.
Mainland property developers surge as major Chinese cities prepare to alter land auction system
China Resources Land, Country Garden led gainers in Hong Kong as major cities to limit land sales to three times in 2021
Move seen as positive to lowering acquisition cost, improving margins and gearing for stressed developers
Merchants Trust turns defensive to protect dividend yield record
Rotating towards telecoms and housing-related stocks
Simon Gergel of Merchants Trust
The Merchants Trust shifted its exposure away from cyclical stocks towards more defensive sectors in 2020 in an effort to help sustain its 38-year dividend growth record, amid growing retail investor interest for the investment company.
Merchants, which currently offers a dividend yield of 6.1%, has been adding to telecoms, tobacco and housing-related stocks at the expense of holdings in sectors where it will take some time for dividends.
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