"China's Economic Crisis Sends Hong Kong's Hang Seng Index into Bear Market Territory"

Hong Kong's Hang Seng index closed in bear market territory, down 2.1% in the Friday session and more than 20% below its January highs, as uncertainty over China's property market and growth prospects erased early-year gains. The index's decline was further fueled by news that Chinese real estate giant Evergrande had filed for bankruptcy protection in a U.S. court. This comes after peer company Country Garden suspended payments on some of its bonds earlier in the week. The filing and contagion fears surrounding China's property sector have raised concerns about potential domino effects and increased default volumes.