SHANGHAI: Mainland China and Hong Kong stocks ended lower on Monday, with the key benchmark closing at its lowest level in more than two months, dented by a flurry of weaker-than-expected data that showed the property sector remains a key drag on the economy.
China’s central bank left a key policy rate unchanged, as expected, when rolling over maturing medium-term loans, and drained some funds from the banking system.
The Asian country’s May industrial output lagged expectations and a crisis in the property sector showed no signs of easing, adding pressure on Beijing to shore up growth, though retail sales beat forecasts due to a holiday boost.
China’s new home prices fell at the fastest pace in more than 9-1/2 years in May, official data showed on Monday, with the property sector struggling to find a bottom despite government efforts to rein in…
