39 Conduit Cancellations, Henderson Land Update (0012, HLDCY)

Distressed Volatility (仿旧波动):  Here is an update on Henderson Land Development in Hong Kong.  The company trades on the Hong Kong Stock Exchange (HKG:0012) and in the U.S as an ADR (OTC:HLDCY).  It appears that the record breaking $57 million 39 Conduit unit sale back in October 2009 was canceled!  In total, 20 of the 24 flats were canceled.  Were the transactions used to prop up prices or were people thinking Florida 2007 (or just saw Jim Chanos on TV).  The Hong Kong Government is investigating the cancellations.

In November 2009 a Tomson Riviera unit in Shanghai broke a record as well.  Keep an eye on the Hang Seng Property Index and the important 30,000 resistance level (chart below).  Below are articles and charts of Henderson Land Development and the Hong Kong Property Index.  For your viewing pleasure I also embedded a Google Map (street view) of 39 Conduit Road so you can visit Hong Kong.  Is Jim Chanos about to be right regarding China's property bubble?

Who’s to Blame For Henderson Land Saga? - China Real Time Report (WSJ)
World's most expensive property that never was - MarketWatch
Luxury Apartment Deals Collapse in Hong Kong - NYT/Bloomberg
Asian Property Market 'Reminiscent' of Pre-Subprime Crisis in US - Epoch
$57m penthouse sale flops as HK market flattens - Financial Times
Henderson Land (0012) Books Loss on Cancellations - WSJ 6/18
LOANS: Henderson Land's HK$8bn loan oversubscribed - IFRasia (someone's still throwing $)
Henderson Land hit by downgrades - The Standard
Henderson Land Calls Cancellations 'Standard'- WSJ 6/16

Henderson Land, HKG:0012 Weekly (Courtesy of Google Finance)

Henderson Land:0012 Daily Chart

Henderson Land, $HLDC ADR Weekly (OTC)

$HLDC ADR Daily

Hang Seng Properties Index (HSNP)





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