Hong Kong shares down, hit by U.S. tech sell-off

BEIJING Wed May 7, 2014 4:09am EDT

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BEIJING May 7 (Reuters) - Hong Kong shares finished down on Wednesday, as concerns about valuations of property and tech stocks hurt investor confidence after a U.S. tech sell-off.

The Hang Seng Index closed down 1.1 percent at 21,746.26. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was down 0.9 percent.

US tech woes spilled into Hong Kong, with the HSI information technology subindex down 3.4 percent to its lowest level since Dec. 27 amid persisting concerns that sector valuations may be too high. Index heavyweight Tencent Holdings declined 3.8 percent.

The Hong Kong real estate subindex dropped 1.6 percent, as investors worried about local demand for housing and exposure to the sector in the mainland.

China Resources Land Ltd was down 4.7 percent and China Overseas Land and Investment lost 4.5 percent. Wharf Holdings Ltd shed 2.5 percent. (Reporting by Natalie Thomas; Editing by Richard Borsuk)

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