Hong Kong Stock Market News | MIDLAND HOLDING drops more than 10%, initiates judicial review legal proceedings against the Hong Kong Competition Commission

MIDLAND HOLDING fell more than 10%, as of the time of publication, it dropped by 9.18% to HKD 0.89, with a turnover of HKD 3.1944 million. On the news front, MIDLAND HOLDING announced that some members of the company and group initiated a judicial review legal procedure against the Competition Commission on March 18, citing the Commission's refusal to cooperate fully with them, leading to the denial of procedural fairness. At the same time, the respondents in the legal proceedings of the Competition Tribunal have applied to permanently terminate or withdraw from the legal proceedings on the same day. It is reported that in November last year, the Hong Kong Competition Commission filed a lawsuit against Midland Realty, its management, and Hongkong Land, alleging collusion with two real estate agencies to set commission rates. In addition, JPMorgan Chase released a research report stating that there have been recent reports of a slowdown in both primary and secondary residential transactions over the past week, causing Hong Kong property stocks to underperform the Hang Seng Index by about 2% yesterday (18th). It is believed that the demand suppressed after the announcement of the "Budget" has led to abnormally strong transaction activity, which has now returned to a moderate slowdown towards normalization. The bank predicts that property prices may stabilize in the short term, but due to the still high levels of new supply inventory, property prices may weaken again in the future