The Insider | Sun Hung Kai directors snap up own-company shares amid bullish Hong Kong property market sentiment
Insider buying by directors remains high for a third straight week, with auto parts maker Minth also reporting strong executive purchases
Hong Kong directors’ buying of shares in their own companies was high for a third week in the June 4 to June 8 period, with executives at property firms Sun Hung Kai Properties and Future Land Development prominent amid bullish sentiment over the city’s real estate market.
A total of 44 companies recorded 265 purchases by directors worth HK$526 million, a similar number to the previous week’s 45 companies with 255 purchases but with a sharp increase in the value from the previous week’s HK$347 million.
On the selling side, 18 companies reported 73 disposals worth HK$177 million, compared to the previous week’s 19 companies with 64 disposals. The sell value was sharply down from the previous week’s disposals worth HK$504 million.
Meanwhile, buy-back by companies activity fell for a second straight week, with 18 companies that posted 81 repurchases worth HK$1.03 billion, based on filings to the stock exchange from June 1 to June 7. The figures were sharply down from the previous five-day totals of 25 companies, 112 trades and HK$1.68 billion in value.
Strong sales of new flats across Hong Kong, plus the announcement of the redevelopment of Hutchison House – a major office tower in Hong Kong’s Central district – as well as shopping centre operator Link Reit’s planned buy-backs contributed to a bullish atmosphere in the property sector.
Two members of the Kwok Family acquired more shares in their Sun Hung Kai Properties company at higher prices.