HK shares plunged at midday close, HSBC and Properties tumble

The Hang Seng China Enterprises Index which tracks the Hong Kong-listed shares of Chinese companies was down 389.93 or 5.28 percent at 7001.76 points.

At 0030EST, heavyweight HSBC (0005.HK) plunged 5.75 percent at HK$79.550($10.2). The company has raised its mortgage rate in Hong Kong up to 75 basis points, the biggest in 10 years, as reported by South China Morning Post.

Other banks, China's top lender ICBC (1398.HK) fell 4.3 percent while China Construction Bank (0939.HK) was down 3.3 percent.

Properties took over earnings early before. Hong Kong biggest developed Sun Hung Kai Properties (0016.HK) fell 8.35 percent; Cheung Kong (0001.HK) was down 2.59 percent; Henderson Land (0012.HK) fell 7.33 percent.

Commodities also dragged the main board. Zijin Gold (2899.HK), China's largest gold producer, plunged 10.97 percent while Zhaojin Gold (1818.HK) fell 8.18 percent. Jiangxi Copper (0358.HK) was down 6.53 percent while China Aluminum (2600.HK) plunged 8.11 percent. Investors are concerned over a drop off in demand for raw materials caused by weak U.S. economic data.