Local property stocks plummeted and nearly 10% of Hong Kong real estate developers were reportedly required to "obey the rules"

Reuters recently reported that the central government required Hong Kong real estate tycoons to "obey the rules" in order to solve the housing shortage in Hong Kong.

The performance of local property stocks plummeted this morning, with Cheung Kong (1113) falling 6.83%, Xindi (0016) falling 7.2%, Henderson (0012) falling 9.4%, New World (0017) falling 5.2%, and Xinzhi (0083) falling 6.5%.

The problem of high property prices in China and Hong Kong continues. Reuters reported that as Beijing strengthens its control over Hong Kong, the central government has proposed a new task to major Hong Kong real estate developers, requiring them to "abide by the rules" and use resources and influence to support Beijing's interests. , And help solve the housing shortage that may undermine social stability.

The report also quoted a source close to a mainland official saying that real estate developers were told that "the rules of the game have changed" and that monopoly is no longer allowed!