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| Aberdeen Trims China, Hong Kong Property Bets |
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Aberdeen Asset Management Co. has trimmed its holdings of real-estate developers as surging prices in China, Hong Kong and Macau fuel concerns the property market may be overheating. “Since March, the market was too fast in terms of a recovery,” Nicholas Yeo, head of Hong Kong and China equities, said in an interview yesterday at Aberdeen, which manages $38 billion in Asian equities. In terms of property stocks, “we’ve done what we wanted to do.” The Hang Seng Property Index has rallied 81 percent in the past seven months, outpacing the Hang Seng Index’s 65 percent gain. A measure tracking 24 property stocks on the Shanghai Composite Index has soared 95 percent this year, the best performer among the broader gauge’s five industry groups. “The property market in Hong Kong is becoming polarized, with the high-end market growing too fast,” said Kevin Lai, an economist at Daiwa Institute of Research in Hong Kong. “Yes there is speculation, but if you ask me if the bubble is going to burst, I don’t think so. The liquidity and interest rates are still very supportive.” Property prices in China, now more affordable than Hong Kong, still have potential for growth, he said. The Chinese government’s 4 trillion yuan ($586 billion) stimulus package and a credit boom have helped boost real-estate prices. Home prices in China’s 70 biggest cities rose at the fastest pace in 11 months in August, while luxury home prices in Hong Kong climbed as much as 28 percent in the first nine months of the year, according to Colliers International Ltd. Swire Pacific Yeo declined to say which stocks his fund sold. Swire Pacific Ltd., the biggest commercial landlord in eastern Hong Kong Island, is the seventh-largest holding in Aberdeen’s Asia Pacific Equity Fund, according to a September report from the asset manager. Aberdeen is favoring consumer-related companies that are likely to have greater pricing power, Yeo said. The firm’s holdings include Giordano International Holdings Ltd., a Hong Kong-based clothing retailer, and Dairy Farm International Holdings Ltd., the operator of supermarkets, drugstores and convenience shops throughout Asia, Yeo said. Aberdeen uses a concentrated portfolio of about 55 stocks in its Asia fund and seeks to limit yearly turnover to less than 20 percent, according to the fund manager. Comments (11)
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