| Sung Hung Kai, Asia's largest developer by market value, gained as much as 9.9 per cent to HK$127.40, and traded at HK$123.50 as of 11:44 am in Hong Kong. Mitsubishi Estate, Japan's largest developer, rose 6 per cent to at 2,990 yen as of 12:43 pm in Tokyo. |
| The Bloomberg Asia Pacific Real Estate Index rose 3.7 per cent to 305.04 after the US Federal Reserve unexpectedly cut its benchmark rate by half a percentage point, easing concerns a housing slump will slow the world's largest economy. |
| The Fed's actions could help ease a credit market crisis that has curbed lending worldwide. |
| "The market is reacting positively to the Fed's action,'' said Frankie Lee, a fund manager at Henderson Global Investors, which oversees about $119 billion globally. "The jump in share prices today partly reflects the outlook for interest rates, which may trend a little bit lower. From the real-estate standpoint, funding costs will become lower.'' |
| Aeon Mall, Japan's biggest shopping mall developer, and Hang Lung Properties, Hong Kong's third-largest developer by market value, were the best performers among the 1,871 stocks in the Morgan Stanley Capital International World Index. |
| Aeon Mall, which aims to more than triple its number of shopping centres over the next decade to 150, gained 10 per cent to 3,060 yen. Hang Lung soared 11 percent to HK$34.20, heading for its biggest gain in nine years. The company last month said annual underlying profit rose 26 per cent as rents increased in Shanghai and Hong Kong. |
| Akruti Nirman, a Mumbai-based developer, gained 10 per cent to a record 696 rupees. PT Bakrieland Development, a Jakarta-based developer, gained 6.8 per cent to 470 rupiah. |
| Singapore-listed CapitaLand, Southeast Asia's biggest developer, rose 2.5 per cent to S$8.15. UOL Group, a real-estate developer and office landlord based in Singapore, rose 5 per cent to S$5.30. |
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