- Chinese lenders cut loan prime rates for the first time since August amid deepening struggle in housing market
- Alibaba Group slips from a two-month high; Daniel Zhang Yong to step down as chairman and CEO to oversee cloud-computing unit
Hong Kong stocks fell by the most in three weeks as China failed to meet expectations for a bigger cut in borrowing costs to revive the housing market. Alibaba Group slipped from a two-month high following a boardroom and management reshuffle.
The Hang Seng Index slumped 1.5 per cent to 19,607.08 at the close of Tuesday trading, the most since May 31. The Tech Index sank 2.5 per cent while the Shanghai Composite Index declined 0.5 per cent.
Alibaba Group tumbled 1.5 per cent to HK$88.35, while e-commerce rival JD.com weakened 3 per cent to HK$149.70 and food delivery platform Meituan declined 3.4 per cent to HK$132.30. Developer Country Garden lost 6.8 per cent to HK$1.65, and peer Longfor slumped 5 per cent to HK$19.44.
