Hong Kong property stocks dropped 10% in 2013

This is after an impressive 42% rally last year.

According to Barclays, the Centa-City Leading Index finished 2013 at 119.07. This is up 2.8% for the full year but is off 3.7% from the intra-year peak of 123.66 reached in mid-March 2013.

By regions, Kowloon home prices rose the most by 7.1%, followed by New Territories East at 4.6% and New Territories West at 4.0% YTD, with Hong Kong Island reporting the only drop at -1.2%.

Here's more from Barclays:

After a 42% rally in 2012, Hong Kong property stocks dropped 10% on average in 2013 and underperformed the HS Index's 3% gain.

Among the 19 Hong Kong property stocks that we track, only Great Eagle (+3.3%), Cheung Kong (2.7%) and Midland (+0.8%) managed to generate a positive return. On the flipside, the three laggards were Kerry Properties (-33.2%), Swire Properties (-24.2%) and Sino Land (-24.0%). One possible silver lining for the laggards is that over the past six years, the top and bottom five performers seldom repeat.