Hong Kong shares hit four-week low, China property sector sinks
HONG KONG Dec 12 (Reuters) - Hong Kong shares sank to their lowest in almost four weeks on Thursday, with the Chinese property sector hit by worries about China's 2014 growth target and continuing speculation the U.S. Federal Reserve is poised to start paring its asset purchases.
The Hang Seng Index ended down 0.5 percent at 23,218.1 points, while the China Enterprises Index shed 1 percent. Both are now at their respective lowest since Nov. 15, the day that Beijing unveiled details of its bold reform plan.
Chinese property counters also were hit by a sector-wide downgrade by Goldman Sachs analysts in their 2014 outlook, expecting the rising supply trend next year to worsen into 2015 and demand growth to slow due to little improvement in the affordability of homes and tighter monetary policy.
Investors are also awaiting the outcome of an annual economic work conference where China's leaders set economic targets and reform priorities for next year.
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