Hong Kong shares set to open down 1.5 pct, China Overseas weak

HONG KONG, March 18 Sun Mar 17, 2013 9:26pm EDT

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HONG KONG, March 18 (Reuters) - Hong Kong shares were set to start lower on Monday, dragged by a 3.5 percent loss for Chinese property developer China Overseas Land & Investment Ltd , topping losses among Hang Seng Index components.

Sentiment was also hit by an unusual bailout proposal for Cyprus that has threatened to reignite the eurozone debt crisis, sending several regional stock markets down.

The Hang Seng Index was set to open down 1.5 percent at 22185.32. The China Enterprises Index of the top Chinese listings in Hong Kong was indicated to open 2 percent lower.

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