China's Regulators Plan Tighter Control of Funds Into Property

The Hang Seng Properties Index slumped 3 percent as of 2:50 p.m. in Hong Kong, the biggest intraday drop in a month. China Resources Land Ltd. fell 4.1 percent and New World Development Co. dropped 3.8 percent.

The plan comes after the central bank governor highlighted concerns about escalating home prices, and local governments rolled out a raft of tougher curbs during a week-long holiday. Authorities in at least 21 cities have introduced home-buying curbs in recent weeks, ranging from raising down-payments for first and second homes, to ruling some potential buyers ineligible.