Understanding the Market | Hong Kong property stocks expanded gains in the closing hours, Wharf Real Estate Investment Company rose over 4%, Alibaba's acquisition set a record for transaction amount of commercial buildings in Hong Kong this year
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Hong Kong property stocks expanded their gains in the afternoon, with Wharf Real Estate rising 4.36%, HYSAN DEV increasing 3.01%, Swire Properties up 2.14%, and New World Development gaining 1.36%. Alibaba and Ant Group acquired the 13th floor office building of One Island East in Causeway Bay for HKD 6.6 billion, setting a record for transaction amounts of commercial buildings in Hong Kong this year. JP Morgan believes this transaction will stabilize the capitalization rate of Hong Kong office buildings, reduce commercial real estate risks, and attract more mainland enterprises to invest in Hong Kong office buildings
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