CapitaLand is up 1.8% at $3.38 in solid volume of around $31.6 million worth of shares changing hands. An analyst says the rise likely isn’t on its serviced-apartment arm’s plan to open 4,000 new apartment units in China over the next three years or on the company’s China property tour.
Another analyst notes the new apartment units were already in CapitaLand’s landbank, with the announcement just setting completion. “Sentiment has turned better,” the second analyst says. CapitaLand and CapitaMalls Asia “have been up for the past two weeks. They’ve been quite strong because of results as well.”
CMA is up 2.2% at $1.89. With another play on China property, Global Logistic Properties, also up, the trio’s gains could be related to the recent rally in Hong Kong-listed China property plays, with Sunac and COLI both tapping 52-week highs this week; UOB KayHian says in a note China property plays’ recent outperformance is partly due to liquidity easing in China; it notes China’s property market is showing further signs of stabilization. GLP is up 2.2% at $2.76.
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