HONG Kong shares have lost 0.16 per cent as developers were hit after the city's government outlined plans to curb soaring property prices.
The benchmark Hang Seng Index on Monday fell 34.52 points to 21,511.05 on turnover of HK$47.07 billion ($A5.89 billion).
The losses are the second in a row after the index enjoyed a 10-day winning streak up until Friday, thanks to huge foreign capital inflows after the US Federal Reserve launched its third bond-buying scheme last month.
The Hong Kong government unveiled on Friday fresh measures to keep a lid on property demand, including a 15 per cent tax on purchases made by foreigners.
Sun Hung Kai Properties, the city's largest developer by market capitalisation, slumped 5.1 per cent to $HK106.10, while Cheung Kong fell 4.7 per cent to $HK112.30 and Henderson Land, New World Development and Sino Land each took a 6.4 per cent hammering.
However, the losses were tempered by Sinopec, which jumped 2.9 per cent to $HK8.25 despite reporting its third-quarter net profit fell 9.4 per cent year-on-year.
And China Construction Bank rose 0.9% to $HK5.79 after third-quarter earnings came in 12 per cent higher.
Chinese shares closed down 0.35 per cent. The benchmark Shanghai Composite Index fell 7.27 points to 2,058.94 on turnover of 39.1 billion yuan ($A6.11 billion).
"The third-quarter macroeconomic data has shown some signs of the economy bottoming out, but recent corporate earnings show that demand has yet to recover," Nanjing Securities analyst Zhou Xu told Dow Jones Newswires.
Lower prices hit rare earths producers. Baotou Steel Rare-Earth slumped 5.43 per cent to 27.35 yuan while Xiamen Tungsten lost 3.77 per cent to 33.67 yuan.
China Pacific Insurance dropped 3.23 per cent to 18.25 yuan after it posted a nearly 60 per cent year-on-year decline in third-quarter net profit.
Other insurance firms fell ahead of the release of their corporate earnings, with Ping An Insurance losing 4.23 per cent to 38.06 yuan and New China Life Insurance shedding 1.63 per cent to 21.73 yuan.
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