Stock markets in Hong Kong and Shanghai started the year in the red amid worries about the mainland property market, reveals the South China Morning Post.
According to the Post, the Hang Seng Index dropped the most in two weeks, falling as much as 0.84% before clawing back some ground to close 49.22 points or 0.23% lower at 21,823.28. Meanwhile, the Shanghai Composite Index tumbled 1% to 3,243.76 points.
"The property bubble right now is a great concern in the eyes of the Chinese government and it [creates] an uncertainty for the market," Linus Yip, a strategist at First Shanghai Securities, told the Post. "These policy uncertainties have a negative effect on investors."