July 30, 2014 / 5:06 AM / 3 years ago

Hong Kong property sub-index hits 14-month high ahead of earnings

HONG KONG, July 30 (Reuters) - Hong Kong’s property sub-index climbed to a 14-month high on Wednesday, lifted by Cheung Kong Holdings and Sun Hung Kai Properties, as investors bet on a solid performance for first-half earnings.

The city’s real estate sub-index has risen more than 27 percent since lows hit in March and is now at its highest level since May last year.

At 0502 GMT, Cheung Kong, whose first-half results are due on Thursday, spiked 2 percent to a record high, while Sun Hung Kai rose 2.7 percent to its highest level since March 2013.

Shares in smaller rival Hang Lung Properties, whose earnings are also due on Thursday, rose 3 percent after having jumped 20 percent since mid-March.

Morgan Stanley this week revised up its forecasts for Hong Kong’s home prices this year to a 5 percent gain from a 10 percent drop.

Reporting By Yimou Lee; Editing by Anne Marie Roantree

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