Hang Seng was down 3.87% by Monday afternoon, China Evergrande Group shares tumbled nearly 17%, and Hang Seng Properties dropped to a 52-week low.
The MSCI Asia Pacific Index outside Japan fell 1.8%.
Evergrande, the second largest real estate company in China and the most indebted in the world, threatens Asian and global financial markets, affected by its collapse due to a liquidity crisis.
Markets in mainland China, Japan and South Korea are closed on Monday for holidays.
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