Hong Kong stocks dropped, with the city’s benchmark index falling for a third day, as Chinese developers declined and investors awaited the Federal Reserve’s monetary policy announcement today.
Chinese property developers with the option to repurchase dollar-denominated bonds later this year may opt to do so amid falling yields, according to Western Asset Management Co.
Country Garden Holdings Co., the developer controlled by China’s richest woman Yang Huiyan, said it will buy prime waterfront land in southern Malaysia, as the company expands beyond its home market.
Hong Kong stocks slumped, with indexes tracking equities in the city and the mainland dropping to one- month lows, as a private-sector gauge of China’s manufacturing missed estimates and holiday home sales declined.
Asian stocks fell, with a gauge of Chinese shares in Hong Kong entering a bear market, after the Federal Reserve signaled it may raise U.S. interest rates from the middle of next year.