Hong Kong stocks open 1.41% lower

HONG Kong shares have tumbled 1.72 per cent on concerns the US Federal Reserve will wind up its huge monetary easing program sooner than expected.

The benchmark Hang Seng Index shed 400.74 points to 22,906.67 on turnover of HK$81.14 billion ($A10.27 billion).

Minutes from the Fed's most recent policy board meeting showed some members were in favour of cutting short the $USA85 billion-a-month bond-buying introduced last year to support the economy and which has helped lift global shares.

A number of board members said an ongoing evaluation of the easing "might well lead the committee to taper or end its purchases before it judged that a substantial improvement in the outlook for the labour market had occurred", according to the minutes.

On Wall Street the Dow fell 0.77 per cent and the S&P 500 lost 1.24 per cent, with both markets having closed at more than five-year highs on Tuesday. The Nasdaq dropped 1.53 per cent.

In Hong Kong property stocks fell on fears finance secretary John Tsang will announce further tightening measures in his budget on Wednesday.

New World Development dropped 2.5 per cent to HK$13.38 and Sino Land fell 1.7 per cent to HK$13.74.

Commodity stocks were also hurt by news of a possible scaling back in US monetary easing.

Chalco fell 2.5 per cent to HK$3.46 and Shenhua Energy declined 2.2 per cent to HK$29.35.

Mainland footwear retailer Belle International slumped 16.8 per cent to HK$15.28 after saying it will only see slight net profit growth in 2012.

Chinese shares lost 2.97 per cent. The benchmark Shanghai Composite Index fell 2.97 per cent, or 71.23 points, to 2,325.95 on turnover of 126.6 billion yuan.

Developers were reportedly hit after China's State Council, or cabinet, said late on Wednesday it would continue to strictly implement property control measures and expand property taxes to keep home prices in check.

"The State Council's comments on the property market hurt investor confidence, while profit-taking in banking stocks also dragged the index lower," Haitong Securities analyst Zhang Qi told AFP.

Among developers Zhejiang Dongri lost 5.00 per cent to 9.89 yuan while China Enterprise dropped 2.61 per cent to 5.22 yuan.

And China Minsheng Banking fell 5.97 per cent to 9.77 yuan and China Everbright Bank fell 4.65 per cent to 3.28 yuan.

Resources stocks eased on weak commodity prices caused by the Fed fears. Shanxi Coal International Energy slumped 6.47 per cent to 19.37 yuan, Jiangxi Copper dropped 5.92 per cent to 24.32 yuan and Xiamen Tungsten lost 4.70 per cent to 37.91 yuan.

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