SHANGHAI, Aug 16 (Reuters) - China blue-chip index edged
lower on Tuesday on worries about COVID-19 flare-ups and slowing
economic growth although property stocks jumped on news of
Meituan plunged 9% after sources told Reuters that
Tencent Holdings Ltd plans to sell all or the bulk of
its $24 billion stake in the food delivery giant. The news
dragged down Hong Kong's main stock benchmark.
The blue-chip CSI300 index fell 0.2%, while the
Shanghai Composite Index gained 0.1%.
The Hang Seng index fell 1.1%, while the China
Enterprises Index lost 1.3%.
** China's central bank cut key lending rates in a surprise
move on Monday as data showed Chinese economic activity and
credit expansion slowed sharply in July.
** Analysts now expect banks to cut the Loan Prime Rate next
** Other Asian equity markets struggled for direction,
hampered by worries over global growth following weak China
** Most industry sectors slipped, with healthcare
and non-ferrous metal down more than 1%.
** Real estate developers listed in the mainland
rose 1.6%, while mainland developers traded in Hong
Kong jumped nearly 6%.
** Chinese regulators have instructed state-owned China Bond
Insurance Co Ltd to provide guarantees for onshore bond issuance
by a few private property developers including Longfor Group
and CIFI Holdings, sources said.
** Longfor, CIFI and top developer Country Garden
soared between 9% and 13% in Hong Kong.
** China's COVID-19 situation has been worsening over the
past week, with the daily local caseload surging to more than
2,000, Nomura said in a note.
** As of Monday, 22 cities in China were implementing full
or partial lockdowns or some kind of district-based control
measures, affecting 5.6% of population and 8.8% of GDP,
according to a Nomura survey.
** Meituan slumped more than 9% in Hong Kong, its biggest
daily drop in 5 months.
** Tencent plans to sell Meituan shares to placate domestic
regulators and monetise an eight-year-old investment, four
** Tencent edged up 0.9%, while the Hang Seng Tech Index
(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu and