HSI Slips 282 Pts at Open; Developers Descend

$Hang Seng Index (800000.HK)$ opened 282 pts or 1.7% lower at 16,856. $Hang Seng China Enterprises Index (800100.HK)$ opened 105 pts or 1.8% lower at 5,910. $Hang Seng TECH Index (800700.HK)$ opened 71 pts or 2% lower at 3,480.

Real estate stocks were hijacked by subsiding rate cut expectations. $NEW WORLD DEV (00017.HK)$ and $HANG LUNG PPT (00101.HK)$ cratered more than 2%. $SHK PPT (00016.HK)$ , $LINK REIT (00823.HK)$ and $CK ASSET (01113.HK)$ slid 1.7%-1.9%. As for Chinese property developers, $CHINA OVERSEAS (00688.HK)$ and $LONGFOR GROUP (00960.HK)$ tumbled 2.9% and 2.7%. $CHINA RES LAND (01109.HK)$ plunged 1.9% after its first-quarter total contracted sales reduced 36%.