China and HK stocks slip on weak data, housing reforms
Stocks in China and Hong Kong slid on Monday after new data showed the economy is still struggling and fresh housing reforms unsettled the market.
The CSI 300 index dropped 0.8%, Shanghai Composite slipped 0.2%, and Hong Kong's Hang Seng fell 0.7%.
Manufacturing stayed in contraction for a second month, signaling things aren't back on track yet.
Presale reliance cut hits property shares
China's latest move to cut developers' reliance on presale funds, which made up most new-home sales, sparked bigger losses for property shares.
Mainland real estate stocks dipped 1.4%, while Hong Kong's property index tumbled nearly 6%.
The changes have investors worried about private developers already low on cash, especially as state-backed firms seem to be holding up better.
Investors await potential Beijing support
Analysts think more government support may be needed to meet China's growth goals, so investors remain focused on whether Beijing will introduce further measures as the year progresses.