mother of all marketing pitches sees shkp claw back top spot
Could the glory days of property really have returned? When rents, capital values and stocks are all shooting up together you know things are looking good. So good, in fact, that the city's biggest property developer rolled out their mum to assist in the marketing of their latest mall.
Shares in Sun Hung Kai Properties yesterday broke $80, marking a near five-year high after the Kwok family matriarch joined in the sales pitch on Sunday at the firm's APM mall in Kwun Tong.
It was a case of catch-up for SHKP, which last week was overtaken by Cheung Kong as Hong Kong's biggest developer - by a margin of $1.6 billion in market value. By yesterday's close, the brothers Kwok had reclaimed top spot from their old enemy by $226 million.
Comeback kid Sino Land yesterday broke an eight-year high, closing at $9.55. Another redeemed blue chip, New World Development broke $10, a level not seen for four years.
It all seems such a long way away from one of the wisest investing adages Lai See recalls from a seasoned fund manager: 'In a bull market buy crap.' Or does it?
