Stocks listed in Hong Kong fell, after the city��s benchmark index capped its steepest weekly advance since September, as mainland developers slid on slower growth in housing prices.
China Resources Land Ltd., the second-biggest mainland developer listed in Hong Kong by market value, dropped 2.2 percent. Citic Securities Co. slid 4 percent after its parent said œmaximum loss exposure to investment products soared. Techtronic Industries Co., a power-tool maker that gets 73 percent of sales from North America, dropped 5.2 percent ahead of Home Depot Inc. earnings.
The Hang Seng Index lost 0.4 percent to 22,627.27 at the break in Hong Kong amid trading volume 41 percent lower than the 30-day average. The measure jumped 3.9 percent last week as investors speculated China��s government would add stimulus to counter a deepening economic slowdown. The Hang Seng China Enterprises Index, also known as the H-share index, today dropped 0.8 to 9,875.14 after a 2.8 percent gain last week.
China��s new-home prices rose in April in the fewest cities in a year and a half, a report showed yesterday. Prices last month climbed in 44 of the 70 cities tracked by the government, compared with 56 cities in March. Separately, the People��s Bank of China said new housing loans in Shanghai were 3.9 billion yuan ($625.7 million) in April, down by 1.37 billion yuan from a year ago.
The central bank on May 13 called on the biggest lenders to expedite mortgages after falling real estate sales and property construction helped drag growth in the world��s second-largest economy to its slowest pace in six quarters.
Source : Bloomberg