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SHANGHAI: China blue-chip index edged lower on Tuesday on worries about COVID-19 flare-ups and slowing economic growth although property stocks jumped on news of policy support.

Meituan plunged 9% after sources told Reuters that Tencent Holdings Ltd plans to sell all or the bulk of its $24 billion stake in the food delivery giant.

The news dragged down Hong Kong’s main stock benchmark.

China stocks see best day in 3 months

The blue-chip CSI300 index fell 0.2%, while the Shanghai Composite Index gained 0.1%.

The Hang Seng index fell 1.1%, while the China Enterprises Index lost 1.3%.

** China’s central bank cut key lending rates in a surprise move on Monday as data showed Chinese economic activity and credit expansion slowed sharply in July.

** Analysts now expect banks to cut the Loan Prime Rate next week.

** Other Asian equity markets struggled for direction, hampered by worries over global growth following weak China data.

** Most industry sectors slipped, with healthcare and non-ferrous metal down more than 1%.

** Real estate developers listed in the mainland rose 1.6%, while mainland developers traded in Hong Kong jumped nearly 6%.

** Chinese regulators have instructed state-owned China Bond Insurance Co Ltd to provide guarantees for onshore bond issuance by a few private property developers including Longfor Group and CIFI Holdings, sources said.

** Longfor, CIFI and top developer Country Garden soared between 9% and 13% in Hong Kong.

** China’s COVID-19 situation has been worsening over the past week, with the daily local caseload surging to more than 2,000, Nomura said in a note.

** As of Monday, 22 cities in China were implementing full or partial lockdowns or some kind of district-based control measures, affecting 5.6% of population and 8.8% of GDP, according to a Nomura survey.

** Meituan slumped more than 9% in Hong Kong, its biggest daily drop in 5 months.

** Tencent plans to sell Meituan shares to placate domestic regulators and monetise an eight-year-old investment, four sources said.

** Tencent edged up 0.9%, while the Hang Seng Tech Index declined 2%.

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