Hong Kong equities down, as new mortgage rules approved

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Source: Dukascopy Bank SA
Hong Kong equities slumped on Monday, as investors took short positions in mainland markets after Beijing launched measures to curb the rising prices of property in China. Chinese government announced that owners of homes who sell off their houses, would need to pay 20% on their profits as a capital gains tax. The Hang Hang Seng index decreased 342.41 points to close at 22,537.81. All but two sectors in the gauge edged lower. In Hong Kong, China Resources Land tumbled 8.9%, leading losses in financial shares that were 1.9% down, as the real estate company was affected by the new mortgage rules. China Overseas Land & Investment Ltd. lost 7.14% to close at HK$21.45. The real estate firms admit that the new measure is even harsher than they expected. Furthermore, Lenovo Group slid 4.3% to HK$8.61 and dragged down technology shares. The top performer was Tencent with a 2.1% rally.
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