Developers feel the heat in HK from Shenzhen restrictions

Reports of the Shenzhen government blocking the sale of 2,800 apartments in a residential complex triggered a rush to dump the Hong Kong-listed H shares of the State-owned developer, China Overseas Land & Investment Ltd on Friday.

The organization's shares lost 7 percent at one stage in early trading before recovering to close at HK$24.55, ($3.17) down 2.8 percent.

Other Hong Kong-listed mainland-based property developers were dragged down too, with Guangdong-based R&F Properties losing 3.1 percent, while CR Land retreated almost 4 percent.