(May 22): Hong Kong stocks headed for their worst loss since the global financial crisis after Beijing announced its intention to impose a national security law on the city, which could trigger a new round of protests as well as heighten tensions with the U.S.

See also: China security law doesn't bode well for Hong Kong real estate

The MSCI Hong Kong Index fell 6.8% on Friday, which would be its biggest slump on a closing basis since October 2008. Real estate firms were the worst hit amid concern over potential outflows and curbed spending, with Sino Land Co. and Link REIT plunging the most since 2008. The Hang Seng Index sank 5.6%, while the Hong Kong dollar weakened to a six-week low.

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