Hong Kong stocks fell, sending the benchmark index to its lowest close in nine months, as local developers declined and after European governments failed to agree on a loan payout to avert Greece from default.
Sun Hung Kai Properties Ltd. (16), the world’s biggest developer by market value, slid 2 percent after its former chairman said property prices may fall, and after Financial Secretary John Tsang said the city may try further policies to cool the housing market. Cheung Kong (Holdings) Ltd., Hong Kong’s No. 2 developer by market value, declined 3.8 percent. Esprit Holdings Ltd. (330), which gets most of its revenue from Europe, slid 3.5 percent.
The Hang Seng Index fell 0.4 percent to 21,599.51, its lowest close since Sept. 10. The gauge last week entered a so- called correction from its April high, tumbling more than 10 percent, on mounting concern Greece will default on its debt and slow global economic growth.
“The momentum remains weak...
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