China Vanke (01109) declined 7.5% to HK$30.68, extending its three-session losing streak to a total 11.8%, according to ETNet. About 45.15 million shares changed hands, valued at roughly HK$1.427 billion.

Mainland property stocks had initially edged higher after China extended the maximum term for personal housing loans from 30 years to 40 years, a move expected to reduce monthly repayments by about 15%. The rally faded as expectations for global rate hikes increased. China Overseas (00688) fell 6.6%, Yuexiu Property (00123) down 13%, China Jinmao (00817) down 15%, Longfor (00960) off 6.2%, Sunac China (01918) down 5.2%, and Shimao Group (00813) slipped 3.4%.

On Aug. 28, the People’s Bank of China and the National Financial Regulatory Administration jointly issued a notice aimed at reforming and improving real estate credit management and accelerating a new model for property development. ETNet reported that with a RMB 1 million mortgage at 3% interest under equal principal and interest repayments, the monthly payment would fall from RMB 4,216.04 over 30 years to RMB 3,581.02 over 40 years, a reduction of RMB 635.02, about 15%.

Separately, Kevin Warsh's Jackson Hole remarks were hawkish, suggesting that stronger CPI and PCE readings this summer would not by themselves signal a meaningful improvement in the underlying inflation trend. After the speech, interest-rate futures shifted to pricing in a 25-basis-point rate hike in September, with the probability rising to 57%.