Property Shares Lead HK Market Lower

By Hanny Wan | February 3, 2009, Tuesday |

Print Edition

HONG Kong stocks fell the most in more than two weeks, led by property shares on concern a slowing global economy will dent real estate demand.

The key Hang Seng Index tumbled 416.72, or 3.1 percent, to close at 12,861.49, its largest drop since January 15. The Hang Seng China Enterprises Index, which tracks Chinese companies' so-called H shares, retreated 3.1 percent to 6,911.99, Bloomberg News said.

Wharf (Holdings) Ltd, a landlord, port operator and cable-television system owner, plunged 7.7 percent to HK$18 (US$2.32), the sharpest drop on the key index. Sino Land Co lost 5.5 percent to HK$7.18 after it said that the city's home prices and rents fell last year. Cheung Kong (Holdings) Ltd fell 3.3 percent to HK$70.50.

Ping An Insurance (Group) Co, China's second-biggest insurer by market value, fell 4.8 percent to HK$32.65.

Real Estate

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Property Shares Lead HK Market Lower

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