Hong Kong developers slide on new mortgage regulations


Shares in Asia fell Tuesday, causing the MSCI Asia Pacific Index to post its biggest drop in three weeks. Hong Kong's Hang Seng Index fell 1.9 percent, ending the day at 22,170 and China's Shanghai Composite Index closed at 3,021 – down 2.8 percent. Japan's Nikkei Index slid 1.5 percent to 10,212.

New requirements for heftier down-payments on Hong Kong's luxury homes sent shares in the territory's real estate developers plummeting. Sino Land Co. (SNLAY) nosedived 5.4 percent and Henderson Land Development Co. (HLDVF) plummeted 4.3 percent. Sun Hung Kai Properties Ltd. (SUHJY) fell 3.4 percent and Cheung Kong Holdings Ltd. (CHEUY) dropped 3 percent.

Originally published