Hong Kong Stocks falls; Developers tumble on China tax plan

Hong Kong stock market closed lower on Monday, 25 October 2021, as risk aversion selloff triggered on tracking weak lead from Wall Street last Friday, China expansion of a property-tax trial to more cities, and China tightened travel controls in some areas in response to coronavirus infections.

At closing bell, the benchmark Hang Seng Index added 0.02%, or 5.10 points, to 26,132.03. The Hang Seng China Enterprises Index fell 0.37%, or 34.77 points, to 9,322.08.

Shares of property developers sank after reports that China will tax owners of residential, commercial properties and lands in more cities to rein in home prices. The trial will last for five years before it is signed into law, it added. Developers Longfor Group and Country Garden were among the worst benchmark performers with at least 1.9% slide.

 

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