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China, Hong Kong shares weighed down by property firms on tax talks

05/12/2021 00:37
China, Hong Kong shares weighed down by property firms on tax talks

SSEC -0.01%, CSI300 -0.28%, HSI -0.37%

China holds meeting discussing property tax

Tech shares rebound after sharp sell-off

- China and Hong Kong shares slipped on Wednesday, dragged down by real estate firms after Beijing held a meeting on property tax to curb rampant speculation in the housing market, although tech stocks rebounded from a sharp drop in the previous session.

** At the midday break, the Shanghai Composite index .SSEC was down 0.01% at 3,441.42 and the blue-chip CSI300 index .CSI300 was down 0.28%.


** Chinese H-shares listed in Hong Kong .HSCE rose 0.2% to 10,452.06, while the Hang Seng Index .HSI was down 0.37% at 27,910.60.


** Leading the losses, the CSI300's sub-index for the real estate sector .CSI000952 fell 1.45%, while the property sub-index in Hong Kong .HSNP lost 1.57%.


** China's regulators solicited opinions from representatives from some cities, experts and scholars on the pilot work of implementing the real estate tax, the Ministry of Finance said in a statement on its website late on Tuesday.nL1N2MY0X5


** The smaller Shenzhen index .SZSC was unchanged for the day, the start-up board ChiNext Composite index .CNT was weaker by 0.36% and Shanghai's tech-focused STAR50 index .STAR50 was up 0.17%​.

** The tech sub-index in Hong Kong .HSCIIT gained 2.18% after a sell-off in previous session.


** Shares of Alibaba Group Holding Ltd 9988.HK rose as much as 4.5%, on track to snap three consecutive sessions of losses, ahead of the announcement of first-quarter earnings. nL1N2MZ04O

** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was weaker by 1.41%, while Japan's Nikkei index .N225 was down 1.91%.

** The yuan CNY=CFXS was quoted at 6.44 per U.S. dollar, 0.18% weaker than the previous close of 6.4283.


(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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