The Hang Seng index dropped 3.87% by Monday afternoon in the city. Shares of China Evergrande Group in the city plummeted almost 17%. The Hang Seng Properties index dropped to a 52-week low, last trading nearly 7% lower.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.85%.
Markets in mainland China, Japan and South Korea are closed on Monday for holidays.
Over on Wall Street, stocks have struggled in the seasonally weak month of September, with the Dow Jones Industrial Average seeing three straight weeks of losses — its first in 2021.
Investor focus for the week will likely be on the U.S. Federal Reserve’s upcoming September meeting for clues on the central bank’s tapering of its easy monetary policy.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.338 after a recent jump from below 93.