HK Hot Stocks: Sun Hung Kai Properties, CLP sink

HONG KONG, Feb 29 (Reuters) - Here are some stocks on the move in Hong Kong on Friday:

As of 0223 GMT, the blue-chip Hang Seng Index .HSI was down 2 percent, tracking sliding global equities.

The index opened down 1.5 percent at 24,226.83.

STOCKS ON THE MOVE:

* Market heavyweight and global lender HSBC Holdings plc (0005.HK) sank 2.2 percent to HK$120.3, pacing weak financial shares overnight after Fed chief Ben Bernanke told U.S. lawmakers that small banks invested heavily in real estate could collapse as the housing downturn drains their capital.

* PC maker Lenovo Group Ltd (0992.HK) tumbled 5.6 percent to HK$5.27 after International Business Machines Corp (IBM.N) sold $80 million worth of Lenovo shares at a 3 percent discount to their Thursday closing price, a source familiar with the deal said [ID:nHKG114897].

* Harbin Power (1133.HK) tumbled 8.5 percent to HK$17.62. An institutional investor was selling up to $90.3 million worth of shares in the company at 3.9 to 6.5 percent below the stock's Thursday closing price, according to a term sheet [ID:nHKG90522].

* Blue chip Hong Kong property developer Sun Hung Kai Properties (0016.HK) slid 3.5 percent to HK$137.10. Goldman Sachs downgraded the stock to neutral from buy on concerns over property prices.

Goldman said: "The rising risk of a prolonged global economic slowdown leads us to believe that the property market up-cycle has probably ended." [ID:nHKG112110].

* CLP Holdings Ltd (0002.HK) sagged 2.6 percent to HK$60.05. Hong Kong's largest power utility lagged forecasts with a 7.2 percent rise in 2007 earnings, despite one-off gains from selling and swapping assets [ID:nHKG65321].

* Footwear company Mirabell International Holdings Ltd 1179.HK shot up 11.3 percent to HK$5.80 after Chinese shoe maker Belle International Holdings Ltd (1880.HK) proposed a conditional cash offer to buy out the company for HK$1.57 billion.

Belle offered to pay HK$6 per Mirabell share, a 15.16 percent premium over its last closing price.

Belle shares were up 3.8 percent at HK$9.55. (Reporting by Rita Chang; Editing by Edmund Klamann)