HK stocks fall on mainland mortgage subsidy, Saudi pipeline restart

Hong Kong shares opened lower on Wednesday, pressured by new changes in the mainland property market.

The benchmark Hang Seng Index declined 129 points, or 0.53 percent, to 24,393 points.

Tech gauge dropped 0.41 percent to 4,232 points.

Chinese real estate shares are under pressure as China will subsidise interest payments on new commercial mortgages, with its mortgage interest subsidy policy for mainland residents set to take effect on October 1.China Resources Land (1109) opened 2 percent lower, China Overseas Land & Investment (0688) fell 1.9 percent, and Longfor (0960) slid 0.9 percent.

Tech heavyweights also edged lower. Alibaba (9988) fell 0.8 percent, and Tencent (0700) were down 0.5 percent.

HSBC (0005) were 0.1 percent lower. 

Saudi Arabia's East-West Pipeline resuming crude oil tanker loadings at the Red Sea port of Yanbu put pressure on oil stocks. PetroChina (0857) and CNOOC (0883) were down 1.4 percent and 0.9 percent, respectively. 
 

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