Hong Kong Gauge Drops to Lowest This Year as China Raises Rates
This article is for subscribers only.
Hong Kong stocks declined, sending the benchmark Hang Seng Index to its lowest level this year, for as property developers and raw material producers dropped after China raised interest rates to curb inflation.
China Resources Land Ltd., a state-linked developer, and Hang Lung Properties Ltd., a Hong Kong-based developer that gets about 16 percent of sales from China, declined at least 3.5 percent. Cnooc Ltd., China’s biggest offshore oil explorer, dropped and Jiangxi Copper Co., the nation’s No. 1 producer of the metal, slid at least 2.8 percent on speculation demand for commodities will drop as Beijing steps up efforts to fight inflation.