Asia Stocks Plunge Sharply as Hong Kong’s Property Sector Faces Sell Off

Stocks in Asia traded lower on Monday, dragged by the plummet in Hong Kong market amid sell off in the property sector. 


As of 10:10 BKK time on August 14, 2023, Nikkei fell 0.96%, Shanghai Composite dropped 1.13%, Hang Seng Index plunged 2.40%, Australia’s ASX 200 dipped 0.77% and Kospi slipped 0.94%. 

Thailand’s stock market is closed on holiday. 


Country Garden Holdings, a Chinese property development company listed in Hong Kong Stock Exchange, led to plummet on Monday with a drop over 14% to a record low after the company announced that it will suspend the trading of 11 onshore bonds from Monday. 

“During the suspension, the company will perform information disclosure obligations in strict accordance with the requirements of relevant laws and regulations, and will apply for resumption of corporate bonds in a timely manner after relevant matters are determined,” Country Garden Holdings wrote in its statement. 

The Hang Seng Properties Index fell 3% this morning.