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ASIA STOCKS: Hong Kong Equities Continues Sell-Off, HSI below 20,000

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China mainland equities are slightly higher today with the CSI 300 +0.10%, however the gains have been largely attributed to Telecom stocks, with most other sectors in the red. The HSI has dropped for a fourth consecutive day, and trading below 20,000 for the first time since late September, and losing 7.60% from Nov 8 highs. The decline was driven by concerns over Donald Trump’s re-election, which is expected to bring higher tariffs, trade protectionism, and increased inflation. 

  • China is expected to cut taxes on home purchases by the end of this year to support the real estate market, according to Securities Times. The government plans to remove the tax distinction between ordinary and luxury homes and implement policies to reduce home purchase and rental-related taxes. Additionally, authorities are exploring how to use funds from special bond issuance to acquire idle land. These measures aim to boost homebuyer demand, develop the rental market, and ease financial pressure on real estate companies. Some tax cuts will be introduced this year, with the rest expected by early 2025.
  • China property stocks are struggling today with the Mainland Property Index -2.20%, HS Property Index -1.40%, while the BBG China Property Gauge -2.50%
  • In October, China's household deposits dropped by 570b yuan ($78.8 billion) as savers shifted funds from bank accounts into the stock market and mutual funds, however, household deposits had still risen by 11.28t yuan in the first ten months of the year, compared to 11.85t yuan during the first nine months, as per BBG. The move comes after strong equity market returns following an array of stimulus measure from the government, while simultaneously lowering deposit savings rates to below 2% 
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China mainland equities are slightly higher today with the CSI 300 +0.10%, however the gains have been largely attributed to Telecom stocks, with most other sectors in the red. The HSI has dropped for a fourth consecutive day, and trading below 20,000 for the first time since late September, and losing 7.60% from Nov 8 highs. The decline was driven by concerns over Donald Trump’s re-election, which is expected to bring higher tariffs, trade protectionism, and increased inflation. 

  • China is expected to cut taxes on home purchases by the end of this year to support the real estate market, according to Securities Times. The government plans to remove the tax distinction between ordinary and luxury homes and implement policies to reduce home purchase and rental-related taxes. Additionally, authorities are exploring how to use funds from special bond issuance to acquire idle land. These measures aim to boost homebuyer demand, develop the rental market, and ease financial pressure on real estate companies. Some tax cuts will be introduced this year, with the rest expected by early 2025.
  • China property stocks are struggling today with the Mainland Property Index -2.20%, HS Property Index -1.40%, while the BBG China Property Gauge -2.50%
  • In October, China's household deposits dropped by 570b yuan ($78.8 billion) as savers shifted funds from bank accounts into the stock market and mutual funds, however, household deposits had still risen by 11.28t yuan in the first ten months of the year, compared to 11.85t yuan during the first nine months, as per BBG. The move comes after strong equity market returns following an array of stimulus measure from the government, while simultaneously lowering deposit savings rates to below 2%