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Equities

Hong Kong property stocks tumble on higher stamp duty

HONG KONG -- Shares in Hong Kong-based property companies were down sharply here Monday, as a hike in the stamp duty on residential property transactions has clouded the outlook for the property market.

Shares in Cheung Kong Property Holdings briefly fell 5.40 Hong Kong dollars, or 9.33%, from Friday to HK$52.50.

Also down were Sun Hung Kai Properties, Henderson Land Development and New World Development, with each sliding more than 5%.

The government of the Hong Kong Special Administrative Region raised the stamp duty on Saturday. News that the number of Hong Kong's residential property transactions was down sharply over the weekend weighed on investor sentiment.

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