HONG KONG, Nov 29 (Reuters) - China and Hong Kong stocks fell on Wednesday, as food delivery giant Meituan's cautious fourth-quarter guidance raised market concerns about the prospects for China's consumer spending recovery.
The blue-chip CSI 300 Index dropped 0.7%, while the Shanghai Composite Index was down 0.3%.
Hong Kong's Hang Seng Index fell 2%, and the Hang Seng China Enterprises Index lost 2.2%.
Hang Seng Index heavyweight Meituan slumped 11% after the firm on previous day said it expects fourth-quarter revenue growth for its core food delivery business to slow versus the preceding quarter, citing persistent consumer caution and warmer weather for the winter season hitting orders as reasons.
Its shares fell to a 3-1/2 year low on Wednesday, despite the company promising a $1 billion buyback.
Caroline Yu Maurer, head of China and specialised Asia strategies at HSBC Asset Management, expects China markets stay volatile in the near-term.
"There is potential for further savings drawdown to support consumer spending, though confidence needs to clearly improve and is key to the outlook," she said.
Meanwhile, analysts do not expect a quick turnaround in the property market in 2024, despite intensified policy support.
"Homebuyers' sentiments remain weak amid uncertain employment and income prospects," Fitch Ratings said in a report on Wednesday.
Hong Kong-listed mainland developers dropped 4.4%.
In mainland markets, real estate and insurance companies fell 2.6% and 2%, respectively, leading the decline.
A Reuters poll on Wednesday expects that China's manufacturing activity likely contracted for a second consecutive month in November. (Reporting by Summer Zhen; Editing by Mrigank Dhaniwala)

Sumber : Reuters