Stocks in Asia-Pacific were mixed on January 3 as trading in 2022 kicked off, with some major markets in the region closed.
In Hong Kong, the Hang Seng index dropped 0.53% to end its trading day at 23,274.75.
China’s one of the major real estate developers, China Evergrande Group, suspended trading in Hong Kong on January 3. In a filing to the Hong Kong Stock Exchange, it said that its trading halt was pending an “announcement containing inside information,” though China Evergrande Group did not elaborate. Unfortunately, China Evergrande Group has about $300 billion in total liabilities. In December, Fitch Ratings declared that China Evergrande Group defaulted on its debt.
Last year, the company made an interesting announcement. It decided to create a risk management committee, including government representatives, to focus on “mitigating and eliminating” future risks.
The country’s central bank is trying to improve the situation. Moreover, the People’s Bank of China said it would pump $188 billion into the economy, apparently to stabilize the real estate market, which accounts for nearly a third of the country’s gross domestic product (GDP).
Hong Kong-listed shares of Evergrande-related firms were mixed on January 3. Shares of China Evergrande New Energy Vehicle Group jumped 10.8%, while Evergrande Property Services fell 0.76%.
Other property stocks in Hong Kong mostly fell, and shares of Country Garden Holdings dropped 2.6%. On January 3, shares of Sunac fell 9.51%. The broader Hang Seng Properties Index dropped more than 1%.
Meantime, SenseTime advanced 40.91% on January 3, after seeing a strong debut in Hong Kong last week.
Stocks on January 3
South Korea’s Kospi advanced 0.37% to finish its trading day at 2,988.77.
In Taiwan, the Taiex added 0.28% to close at 18,270.51.
In Southeast Asia, the Straits Times index in Singapore gained about 0.4%, as of about 4:30 p.m. local time.
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