Last checked at 
* HSI -2.3 pct, H-shares -2.8 pct, CSI300 +0.9 pct
* Sinopec slides after new share sale, but holds above offerprice
* HK property developers hit, new tightening measures feared
* China infrastructure drives A-share outperformance
By Clement Tan
HONG KONG, Feb 5 (Reuters) - Hong Kong shares posted theirworst loss in three months on Tuesday, unmoved by onshoreChina's reversal of midday losses and weighed down by a 6.5percent slide in China Petroleum and Chemical Corp (Sinopec)after a $3.1 billion new share placement.
The territory's property developers also were hit bycomments from the chief of its defacto central bank that moremeasures could be introduced to cool the property market aselevated household debt is worsening risks from price gains.
The Hang Seng Index fell 2.3 percent to 23,148.5points, its worst single-day loss since Nov. 8. It closed belowits 10-day moving average for the first time since lateNovember, suggesting more losses may be in store in the shortterm.
The China Enterprises Index of the top Chineselistings in Hong Kong slid 2.8 percent to its lowest closinglevel since Jan. 8.
In mainland markets, though, the CSI300 of the topShanghai and Shenzhen listings posted a third-straight dailygain, rising 0.9 percent, rebounding from earlier losses. TheShanghai Composite Index stretched a winning streak intoa seventh-day, ending up 0.2 percent.
"There's some liquidation of long positions (in Hong Kong)today, but people are not panicking," said Alex Wong, directorof asset management at Ample Finance. He added that he wouldhold off buying on weakness, anticipating that further lossescould create better buying opportunities.
Sinopec shares fell 6.4 percent in HongKong and 2.1 percent in Shanghai after the Chinese oil giantlaunched sold 2.85 billion new Hong Kong-traded shares at HK$8.45 each, a 9.5 percent discount to Monday's close.
They closed in Hong Kong at HK$8.74, the lowest since Dec.31 but held above the offer price, pointing to robust demand forthe new shares.
A source familiar with the matter said they were sold to agroup of about 10 investors that included some of the world'slargest institutional investors and global fund managers.
Hong Kong developer New World Development sank 4percent in its worst loss since Oct. 29. Tuesday's lossestrimmed its gains on the year to 15 percent after it surged 92percent in 2012.
Comments from the Hong Kong Monetary Authority's chief lateon Monday had spawned market chatter on Tuesday that newtightening measures on the city's property market may beannounced later this week.
There was also broad profit taking in the financial sectorafter Wall Street's worst day since November and as worriesre-emerged whether the eurozone's efforts to resolve its debtcrisis will be disrupted by a political shakeup.
HSBC Holdings, Europe's largest bank, fell 2.7percent, while Industrial and Commercial Bank of China slid 2.9 percent in Hong Kong and 1.3 percent in Shanghai.
POLICY CUES DRIVE A-SHARE GAINS
Strength in the property and infrastructure sectors helpedthe onshore Chinese market extend its winning streak andoutshine its Asian peers, spurred by various policy cues inChinese media.
China Railway Construction jumped 4.8percent in Shanghai and 3.2 percent in Hong Kong after theofficial China Securities Journal reported that Beijing willlikely introduce a development plan for 120 ports, which coulddrive investment in infrastructure such as transportation andenergy pipelines.
Subway counters CSR Corp and CNR Corp each surged the maximum 10 percent in Shanghai,while China State Construction Engineering jumped9.7 percent.
Chinese property counters were strong after a series ofencouraging January contracted sales figures. China Vanke jumped 3.6 percent after it posted a 56 percent risein January sales from a year earlier.
While investors are watching China's annual parliamentarymeetings in March for clues on policy changes that the country'sincoming batch of leaders favour, Credit Suisse China strategistVincent Chan cautioned against expecting too much as the newleadership needs time to consolidate its power.
In a news conference in Hong Kong on Monday, Chan said itmay not be until October this year, when the Politburo's CentralCommittee is expected to hold its third plenary session, thatconcrete measures for the major areas of reforms such as thoseinvolving state-owned enterprises will be released.
