Shares of Singapore property firms fell on Monday on concerns that authorities may follow moves by the Hong Kong government to cool property prices in the Chinese territory.

The Hong Kong government tightened mortgage lending for bigger flats on Friday as their prices headed for historic highs, fuelling asset bubbles.

CapitaLand <CATL.SI>, Southeast Asia’s largest property developer, fell as much as 1.5%. More than 3.9 million shares had changed hands and were trading at $3.93 by 11:24 a.m.

City Developments <CTDM.SI> slid as much as 3.3% with a volume of 928,000 shares. The stock last traded at $11.80.

“The HK government’s measures have dampened the sentiment about the property sector. Investors are a bit wary in case the Singapore government also comes up with certain measures,” a trader at a local brokerage said.

Singapore’s real state index was down 0.62%, underperforming the Straits Times Index, which was 0.44% lower.