The Hang Seng Index in Hong Kong fell 2% as tech stocks declined, and mainland China markets dropped more than 1% after the country’s GDP missed expectations.
Alibaba’s U.S.-listed shares dropped more than 4% overnight after the Wall Street Journal reported that the company’s executives were summoned by authorities investigating theft of police data. The tech giant’s shares in Hong Kong fell 5.98% by the end of the session. Index heavyweights Tencent and Meituan fell 2.99% and 1.81% respectively.
Bank and real estate stocks were hit Thursday as homebuyers boycott mortgage payments for unfinished property projects. The South China Morning Post reported late Thursday that the boycott has grown, with buyers of more than 230 properties in 86 cities not making mortgage payments.
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