China's shares plunge to lowest valuation on record in Hong Kong

As September draws to an end, the Hang Seng China Enterprises Index has lost 14 per cent to rank as the worst performer among major equity benchmarks globally this month.

Hovering around the lowest since the global financial crisis, it is now trading at 0.6 times book value, the cheapest ever.

All but three stocks are down this year on the 50-member gauge, with property developers and tech companies at the bottom.

China’s largest builder Country Garden Holdings has lost almost three quarters of its value and video streaming firm Bilibili is down about two thirds.