SHANGHAI: Hong Kong shares fell on Tuesday amid growing concern over the Omicron COVID-19 variant, while property shares tumbled on debt risks for developers and tech shares dipped after social media platform Weibo was hit with a fine.

At the close of trade, the Hang Seng index was down 318.63 points, or 1.33%, at 23,635.95. The Hang Seng China Enterprises index fell 1.55% to 8,418.61.

As worries rise over the global spread of Omicron, several companies in one of China’s biggest manufacturing hubs have suspended operations as local authorities try to contain a COVID-19 outbreak.

The subindex of the Hang Seng tracking energy shares dipped 1.2%, while the IT sector dipped 1.83% and the financial sector ended 1.37% lower.

The property sector dipped 2.77% and mainland developers sank 6.87% on fresh investor concerns about debt risks.

China’s securities regulator said on Monday it would properly resolve bond default risks and crack down on “fake financial exchanges.”