Hong Kong stocks slip as Longfor leads losses on China policy meeting offers no relief for property market slump

China to prioritise tech innovation, upgrading traditional industries and artificial intelligence, while omitting new measures to revive housing market

Hang Seng benchmark has lost about 18 per cent this year, the worst among major global stock indices

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The Exchange Square Complex, which houses the Hong Kong Stock Exchange in Central, Hong Kong on November 20, 2023. Photo: Bloomberg

Published: 10:43am, 13 Dec 2023Updated: 4:34pm, 13 Dec 2023

Hong Kong stocks retreated as investors fret over the lack of fresh stimulus from China’s key policy meeting this week, with no new statement about measures to fix the troubled property market.

The Hang Seng Index dropped 0.9 per cent to 16,228.75 on Wednesday, approaching the lowest level in 14 months. The Tech Index declined 1.2 per cent while the Shanghai Composite Index lost 1.2 per cent.

Longfor Group tumbled 2.5 per cent to HK$12.42 while peer China Resources Land lost 3.5 per cent to HK$25.95, leading a 2.4 per cent retreat in an index tracking mainland Chinese developers. Tencent fell 1.3 per cent to HK$307.40 and Alibaba Group dropped 1 per cent to HK$69.40 while JD.com slipped 2.3 per cent to HK$97.95.

Banks also declined. HSBC retreated 0.1 per cent to HK$60.60 and Construction Bank eased 0.7 per cent to HK$4.47 while China Merchants Bank slipped 4.5 per cent to HK$24.50.

China will roll out a variety of pro-growth policies to prop up growth and deliver economic stability, according to the read-out after the annual economic work conference in Beijing on Tuesday.