for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

China shares drop on property sector woes, Xi speech aids tech stocks

* SSEC -0.54%, CSI -0.61%, HSI -0.27%

* Property sector leads losses on Evergrande’s slimmed share-sale

* Tencent hits record high on Xi’s speech

BEIJING, Oct 14 (Reuters) - China stocks slid on Wednesday, with property firms leading the losses due to mounting pressure for raising fresh cash under the government’s new debt-ratio caps, while some tech shares climbed after comments from President Xi Jinping.

** At the midday break, the Shanghai Composite index was down 0.54% at 3,341.73.

** China’s blue-chip CSI300 index fell 0.61%, with the real estate sub-index dropping 1.09%, while the healthcare index inched up 0.09%. The financial sector sub-index slipped by 0.56%, while the consumer staples sector was down 0.76%.

** Chinese H-shares listed in Hong Kong rose 0.02% to 9,880.74, while the Hang Seng Index was down 0.27% at 24,583.40.

** The smaller Shenzhen index was down 0.48%, the start-up board ChiNext Composite index was weaker by 0.5% and Shanghai’s tech-focused STAR50 index was down 0.87%.

** Shares of China Evergrande Group, the country’s most indebted property developer, fell as much as 18% in early trading. The company raised $555 million in a slimmed-down share sale after initially targeting up to double that amount.

** Shares of Shenzen-based Tencent Holdings Ltd hit an all-time high by surging 2.2% in the morning.

** Shenzhen will strengthen property rights and protection of entrepreneurs, President Xi said on Wednesday, in a speech marking the establishment of the country’s first economic zone in the southern city four decades earlier.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.10% and Japan’s Nikkei index was up 0.08%.

** The yuan was quoted at 6.7392 per U.S. dollar, 0.09% firmer than the previous close of 6.745. (Reporting by Zhang Yan in Beijing, Luoyan Liu and Andrew Galbraith in Shanghai; editing by Uttaresh.V)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up