Asian shares mostly lower after tech-led Wall Steet retreat
ABC News
Stocks are mostly lower in Asia after Wall Street retreated from recent record levels on weakness in technology shares
BANGKOK -- Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares.
Hong Kong’s benchmark slipped on persisting worries over property developers. Tokyo, Seoul and Shanghai also declined.
Shares in Shanghai-based Shimao Group Holdings sank 12.6% in Hong Kong on Tuesday on concerns about its financial situation. Shimao is among many property companies facing tighter controls on debt levels that have caught some heavily leveraged companies short on cash to meet debt obligations.
China Evergrande Group's shares gave up 6.4%. Evergrande is one of China's largest developers, with over $300 billion in debt.
