Hong Kong stocks retreat from this year’s high as Country Garden winding-up petition sends developers sliding

Internet giant Tencent Holdings slipped 0.9 per cent to HK$282.20.

Limiting the losses, online games operator NetEase surged 6.3 per cent to HK$179.70 after the industry regulator approved 111 new titles this month. Baidu gained 1.8 per cent to HK$110.50 before its earnings announcement later on Wednesday that may show net income increased 19 per cent from a year earlier in the fourth quarter.

Traders will keep close tabs on Hong Kong’s budget address at around 11am. Financial Sectary Paul Chan Mo-po is expected to unveil measures to solidify the city’s status as a financial centre, including lifting some of the curbs on home transactions, promoting the tourism industry and attracting capital inflows.

Other major Asian markets were mixed. Japan’s Nikkei 225 slipped 0.2 per cent and Australia’s S&P/ASX 200 lost 0.1 per cent, while South Korea’s Kospi rose 0.5 per cent.