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Hong Kong shares close almost one percent lower

Hong Kong shares fell 0.98 percent Friday as fears over Greece debt crisis mixed with measures aimed at restricting property speculation in the city.

The benchmark Hang Seng Index gave up 210.45 points to end at 21,244.49. Turnover was 63.23 billion Hong Kong dollars (8.15 billion US).

The city's property chips have been hit after Financial Secretary John Tsang said Wednesday the government may hike transaction tax on property valued at or below 20 million Hong Kong dollars as part of effort to avoid an asset bubble.

However, "the uncertainty over property in China is even greater," Louis Wong, research director at Phillip Securities, told Dow Jones Newswires.

"There are all sorts of speculation and rumours about various types of property taxes that could be introduced there," he said.

In Hong Kong Sun Hung Kai Properties dropped 1.5 percent to 111.60 Hong Kong dollars and Cheung Kong fell 0.9 percent to 98.05.

Among China developers, China Resources Land fell 3.0 percent to 14.18 and China Overseas lost 2.8 percent to 14.70.

AFP

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