China shares headed for worst day in three weeks, weigh on Hong Kong

Chinese shares were headed for their worst daily loss in three weeks on Tuesday, dragging Hong Kong markets into the red, after official media suggested that Beijing is unlikely to ease policy despite patchy April economic data.

The Chinese property sector was also hit by fears of more tightening after the 21st Century Business Herald newspaper reported that developers looking to obtain pre-sales licenses for new housing projects in Beijing now require both the approval of the deputy mayor and the housing bureau.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1237509/china-shares-headed-worst-day-three-weeks-weigh-hong-kong