Hong Kong REITs extended losses from the previous trading session on 25 May after thousands took to the streets over the weekend to protest against a controversial security law.
Beijing has proposed to enact new legislations under Article 23 of Hong Kong’s mini-constitution known as the Basic Law.
Under the new legislations, the Hong Kong government will enact measures to “prohibit treason, sedition, and subversion” against Beijing.
The proposed constitutional amendments are seen as an assault on the territory’s freedom, sending thousands of protestors back onto the streets of Causeway Bay, and Wan Chai on the weekend of 23 May.
The fresh unrest began taking its toll on Hong Kong REITs on 22 May, with the Hang Seng REIT Index falling by 7.9% to 5,389.35, while the broader Hang Seng Index losing 5.6% to 22,930.14.