| SHANGHAI, March 18
SHANGHAI, March 18 Shares in Hong Kong and
mainland China fell on Monday on fears of more property
tightening and concerns about stability in the eurozone.
The Hang Seng Index fell 2.1 percent to 22,057.07
points by the midday break. The China Enterprises Index
of the top Chinese listings in Hong Kong was down 2.3 percent.
Both were at their lowest levels since Dec. 5.
Sentiment was hit by a radical bailout proposal for Cyprus
that has reignited worries about the eurozone debt crisis.
"It gave the market kind of a panic," said Steven Leung,
sales director at UOB Kay Hian in Hong Kong.
Mainland indexes also slid, with the CSI300 index
, which tracks the largest tickers in Shanghai and
Shenzhen, down 0.78 percent, and the Shanghai Composite Index
was down 0.91 percent. Both were also weighed by
financials and insurance stocks.
Property stocks fell after China's new home prices rose
year-on-year in February for a second consecutive month,
increasing investors' concerns about government curbs on the
"It makes people believe that the tightening measures will
continue and last for a while, so in the near term it's quite
difficult to see policies to loosen," Leung said.
Agile Property dropped 3.9 percent, its lowest
point since October, while China Overseas Land & Investment Ltd
fell 2.6 percent.
The real estate sector was also hit by media reports last
week that China Resources Land used tainted materials
on a project in Shenzhen, triggering industry-wide
investigations by the central government.
China Resources Cement Holdings Company Ltd,
responding to media reports, said its products complied with
national standards, according to a stock exchange filing on
Shares in China Resources Cement dropped 7.9 percent to its
lowest since September, while China Resources Land fell 0.5
Ping An Insurance Co fell 1.9 percent after media
reports on Monday that the company will cut the weighting of
(Reporting by Pete Sweeney; Editing by Kim Coghill)