Hong Kong property shares fell the most in seven months after the government imposed a tax on overseas homebuyers to deter capital inflows and reduce the risk of a bubble in the world's most expensive housing market.

Sun Hung Kai Properties Ltd., the world's biggest developer by market value, fell 5.1 percent at the close in Hong Kong and Cheung Kong (Holdings) Ltd. slumped 4.7 percent, while realtor Midland Holdings Ltd. plunged 15 percent

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