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2013.06.1805:42:06UTC+00Hong Kong stocks retreat as China banks, property decline

Hong Kong stocks on Tuesday backed down after a two-day rally amid uncertainty over the pace of the U.S. Federal Reserve's bond purchases, with Chinese property developers declining after another strong monthly increase in home prices on the mainland. The Hang Seng Index relinquished 0.8% to 21,039.02 and the Hang Seng China Enterprises Index missed 1% to 9,645.56. Shares of each of the four biggest Chinese banks pulled back despite news that state-owned investment agency Central Huijin Investment Co. has increased stakes in them, with China Construction Bank Corp. off tracked 1.4% and Bank of China Ltd. skidded 1.5%. Among developers, China Overseas Land & Investment Ltd. pulled back 2.1% and China Resources Land Ltd. diminished 2.3%. The decrease came on the heels of official data showing that home prices rose in 69 of 70 cities in May from the same month a year ago. China's Shanghai Composite was flat in choppy trade, after dropping in nine of the last 10 trading days. 

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