February 24, 2014 / 8:05 AM / in 4 years

China H-shares close at 2-week low, Belle jumps after earnings

HONG KONG, Feb 24 (Reuters) - Hong Kong-listed China shares closed at their lowest level in two weeks on Monday, hurt by mainland news reports which stoked fears that banks are tightening loans to property developers.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong ended down 1.4 percent at its lowest close since Feb. 10. The Hang Seng Index shed 0.8 percent to 22,288.6 points, slipping back below its 200-day moving average, where it stayed for most of last week.

The official Shanghai Securities News reported on Monday that Industrial Bank and other banks may have stopped extending loans to property developers and tightened lending to other property-related sectors such as steel, cement and construction.

Belle International surged 5.9 percent as investors cheered the China-focused shoe retailer’s positive earnings, which also buoyed its rival Daphne International by 4 percent.

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