HONG KONG – Hong Kong stocks started lower Tuesday, tracking overnight weakness in U.S. equities, with property and financial shares posting broad declines. The Hang Seng Index lost 0.8%, as Shimao Property Holdings Ltd fell 2.4%, China Resources Land Ltd lost 2%, and Poly Property Group Co. Ltd dropped 1.2%. Chinese banks were weak, as Industrial & Commercial Bank of China declined 1.2%, and Bank of China Ltd moved lower by 0.9%. China Merchants Bank Co. gave up 0.7%, failing to get a lift from news that the U.S. approved the expansion of its subsidiary Wing Lung Bank in California. Market heavyweight China Mobile Ltd. lost 0.8%, as Cleveland Research reportedly suggested iPhone 5s preorders at the China wireless provider have been trending below expectations. China Mobile was scheduled to distribute iPhones in China on Friday after reaching a long-awaited deal with Apple Inc. in December. On the Chinese mainland, the Shanghai Composite Index edged lower by 0.3%.
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