Hang Seng index down 0.8% as Jiabao signalls lower growth projections

Hong Kong's Hang Seng index closed slightly down on Thursday as Chinese PM Wen Jiabao signalled he may lower China's economic growth target below 8%. Hang Seng index slipped 0.78% or 168.29 points to 21,380.99 led by financial and property shares. HSBC Holdings PLC  gave up 1.5% while  Henderson Land Development lost 1.9%. Rival Cathay Pacific Airways tumbled 2.8%. Esprit Holdings rocketed 25% as its reported drop in profits for second half was less than expected. Moreover Esprit confirmed closures and said it is putting much effort on brand rebuilding.