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Non-Tech : Kirk's Market Thoughts
COHR 185.70+2.2%3:59 PM EST
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To: Gottfried who wrote (3111)5/21/2015 10:28:33 AM
From: Kirk ©1 Recommendation

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D.Austin

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Air coming out of Chinese market?

I read some Chinese RE company/billionaire registered an anonymous LLC to buy the redevelopment land in San Jose to build a highrise apartment/condo building where a parking lot and car wash were... You have to wonder why the city can't lease the land and use the rents to pay their police rather than just sell it to some mystery man. I wonder who really benefits from these deals... but that is another topic.

Hong Kong’s best-performing stocks this year are tumbling even faster than they rallied.

Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., controlled by billionaire Pan Sutong, plunged more than 60 percent in Hong Kong trading Thursday. There was no immediate explanation for the drop. Before the rout, the two stocks surged more than 300 percent in 2015 for the biggest gains on the Hang Seng Composite Index.



The tumble follows the mysterious 47 percent plunge in 24 minutes by Hanergy Thin Film Power Group Ltd. on Wednesday, which erased $19 billion in market value before trading was suspended. The companies have other similarities. Hanergy is also controlled by single billionaire owner -- Li Hejun. Almost no analysts tracked Goldin Financial or Hanergy even as their market values swelled to more than $30 billion, making them among Hong Kong’s biggest listed companies, while doubts over the sustainability of the rallies increased.

“It’s a contagion effect,” said Nick Cheng, chief derivatives trader at Liquid Capital Markets Ltd. in Hong Kong. Investors “are now rushing to take profit and everyone’s suddenly running for the exit,” he said. The volatility “will damage investor confidence with such a reputable stock exchange.”

more bloomberg.com
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