Hong Kong-Could it be time to think the unthinkable and allocate money into selected Hong Kong property developers? It might seem loopy. Consider the spiral-ing decline of Hong Kong developers' stock prices, lackluster property sales and the shrinking of the Hong Kong economy. At Goldman Sachs, analysts predict an 8% fall in property prices this year, and another 8% fall next year. All this bad news makes the situation rather dire for most developers. But some fund managers believe a couple stand ready to handle all of these challenges, and they are buying up their stocks. Sun Hung Kai Property, for example, is a top holding of the Hong Kong funds at Dresdner, Fidelity and Jardine Fleming. "We'd advocate going overweight, at these prices," says Chris Reilly, a property fund manger with Henderson Investors in Singapore, which has no connection to Henderson Land.
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