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Tech and property firms dragged Hong Kong stocks lower

10/26/2021 | 04:41am EST

Oct 26 (Reuters) - Hong Kong shares finished down on Tuesday, dragged by tech and property firms. A planned pilot real-estate tax scheme continued to dent risk appetite.

The Hang Seng index fell 0.4%, to 26,038.27, while the China Enterprises Index lost 0.7%, to 9,259.43 points.

** The Hang Seng Tech Index lost 1.3%, index heavyweights Alibaba Group and Meituan dropped 2.6% and 1.3%, respectively.

** Alibaba Health Information Technology slumped more than 10%, the biggest decliner on the Heng Seng Index.

** Alibaba Health said it expected to record a net loss of not more than RMB320 mln ($2.04 bln) for six months ended in September, due to increase in deployment of group's resources.

** The Hang Seng Mainland Properties Index plunged 4.3%, fuelled by concerns over a planned pilot real estate tax scheme.

** Mainland property firms Country Garden, China Evergrande Group, Sunac China lost between 4% and 7.4%.

** The property tax, likely to be tested initially in first- and second-tier cities, "will hurt home-buyer sentiment and discourage investment demand, and thus, deepen the physical property market downturn," brokerage CLSA wrote in a note.

** "We expect more property policy fine-tuning to offset the negative impact of the property market downturn and weak economic outlook," CLSA added.

** Modern Land has become the latest Chinese property developer to miss a bond payment, adding to worries about wider effects of the debt crisis at behemoth China Evergrande Group.

** The energy sub-index and the healthcare sub-index lost about 1% each.

** Hong Kong-listed Chinese electric vehicle makers jumped. Investor sentiment was boosted after Tesla surpassed $1 trillion in market value on Monday.

** China's Xpeng Inc led the gains, up 8.7%, after it said it would accelerate development to mass produce vehicles fitted with the latest digital technologies.

(Reporting by the Shanghai Newsroom Editing by Raissa Kasolowsky )

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -0.88% 2.25 End-of-day quote.-84.90%
COUNTRY GARDEN HOLDINGS COMPANY LIMITED -0.70% 7.06 End-of-day quote.-34.14%
MEITUAN -2.66% 241.2 End-of-day quote.-18.13%
MODERN LAND (CHINA) CO., LIMITED -1.30% 0.38 End-of-day quote.-55.29%
SUNAC CHINA HOLDINGS LIMITED 2.12% 13.46 End-of-day quote.-53.02%
TESLA, INC. -6.42% 1014.97 Delayed Quote.53.70%
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