China, Hong Kong stocks drop as economic growth data disappoints

China stocks hovered around five-year lows and Hong Kong shares tumbled to their weakest in 14 months, as China's disappointing fourth-quarter growth data deepened worries about the world's second largest economy. The Shanghai Composite Index was roughly 0.8% lower. Hong Kong's Hang Seng Index slumped nearly 3% to hit the lowest level since November 2022, led by property and tech shares.

China stocks hovered around five-year lows and Hong Kong shares tumbled to their weakest in 14 months, as China's disappointing fourth-quarter growth data deepened worries about the world's second largest economy. China's blue-chip CSI300 Index dipped more than 1% in early morning trade on Wednesday, hovering near the lowest level since early 2019. The Shanghai Composite Index was roughly 0.8% lower.

Hong Kong's Hang Seng Index slumped nearly 3% to hit the lowest level since November 2022, led by property and tech shares. China's economy grew 5.2% in the fourth quarter from a year earlier, official data showed, missing analysts' expectations.

Compounding investor anxiety, China's December new home prices fell at the fastest pace since February 2015, marking the sixth straight month of declines, official data showed.