Hong Kong Market falls on profit booking, property sector concerns

Hong Kong share market finished session lower on Wednesday, 28 February 2024, as investors locked in profit after the benchmark gauge after hitting a 2024 high a day earlier and due to increased concerns surrounding the beleaguered property market

At closing bell, the benchmark Hang Seng Index retreated 253.95 points, or 1.51%, to 16,536.85. The Hang Seng China Enterprises Index tanked 118.44 points, or 2.04%, to 5,688.46.

Shares of Country Garden Holdings plummeted as embattled developer grappled with a liquidation petition in a Hong Kong court over its failure to repay a HK$1.6 billion ($200 million) loan.

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