SINO Land Co, Hong Kong's fifth biggest property developer by market value, had its biggest fall in almost three years yesterday after announcing the sale of HK$4.3 billion (US$553 million) of new shares.
The builder's shares plunged 8.6 percent to HK$19.24 by 3:38pm in Hong Kong, set for the biggest daily loss since 2004. The drop cut Sino's gain this year to six percent, lagging behind the 32 percent gain of the benchmark Hang Seng Index, according to Bloomberg News. The company said it plans to use proceeds from the share sale to buy more land in the city and in China, where residential prices are rising fast.