City market rose in early trade as the Shanghai announced cuts to the down-payment ratio, mortgage rates and offered subsidies to homebuyers and allowed multi-child families to buy one more home, as part of measures to boost the property market. But, investors digested the implications of the first property relaxation steps announced by a top-tier city, with much of the expectations already reflected in the prices. Investors were also awaiting the May data for manufacturing PMI, a leading economic indicator due later in the week.
At closing bell, the benchmark Hang Seng Index edged down 6.19 points, or 0.03%, to 18,821.16. The Hang Seng China Enterprises Index dropped 2 points, or 0.03%, to 6,686.13.
Shares of property developers declined due to profit taking following strong recent rally. China Overseas Land and Development slumped 2.4% to HK$35.48 after jumping almost 40% over the past two months. Longfor Group Holdings fell 1.8% to HK$13.38, after rising 20% over the past two months.
SMIC shed 1.2% to HK$16.28, surrendering some of the 7.4% gain posted the previous day after Beijing unveiled a US$47.5 billion investment plan towards achieving self-sufficiency in its semiconductor industry.
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