Nikkei: 8,374.91 (-104.72) Hang Seng: 18,491.23 (-326.24) Shanghai Composite: 2,417 (-46.48)
ASIAN STOCKS fell, with the regional benchmark index heading for the lowest close in six weeks, amid concern about bad loans in China’s property sector and growing evidence that Europe’s debt crisis is infecting major economies.
Land, a state-owned developer, fell 4 per cent after the government said home prices fell in 33 of 70 cities. HSBC Holdings, Europe’s biggest lender, led banks lower after Spanish bond yields rose dropped.
The MSCI Asia Pacific Index dropped 1.7 per cent to 114.24 in Tokyo, set for the lowest close since October 10th. Almost six stocks fell for each that rose on the index.
China’s home prices fell in 33 of 70 cities monitored by the government in October, the worst performance since it expanded property curbs and scrapped the reporting of its national average housing data this year, the statistics bureau said on its website today.
Shares of China developers fell in Hong Kong trading. China Resources Land lost 4 per cent to HK$10.70, while China Overseas Land and Investment fell 5.2 per cent to HK$12.38. – (Bloomberg)
