China stocks fell on Thursday, tracking a decline in global markets after Russian President Vladimir Putin authorised a military operation in eastern Ukraine.

The CSI300 index (.CSI300) fell 1.3% to 4,563.95 at the end of the morning session, while the Shanghai Composite Index (.SSEC) lost 0.9% to 3,458.12 points.

The Hang Seng index (.HSI) dropped 3.1% to 22,925.60. The Hong Kong China Enterprises Index (.HSCE) lost 3.4% to 8,033.08.

** Putin authorised a military operation in eastern Ukraine on Thursday, in what could be the start of war in Europe over Russia’s demands for an end to NATO’s eastward expansion. read more

** Shortly after Putin spoke, explosions could be heard in the pre-dawn quiet of the Ukrainian capital of Kyiv.

** “Asian stock markets generally recorded significant losses today, and the worsening situation in Ukraine further impacted financial markets,” said Kenny Ng, a securities strategist at China Everbright Securities International. read more

** Outflows through Northbound leg of the Stock Connect totalled 2.19 billion yuan at midday break, according to Refinitiv data (.NQUOTA.SH), (.NQUOTA.ZK).

** China will keep the real estate market stable and step up coordination and precision of property policies this year, the country’s housing minister said on Thursday. read more

** The real estate subindex (.CSI000952) eased 0.7%, while the financial subindex (.CSIFN) retreated 1.1%.

** Consumer staples (.CSICS) slid 2.3%, while information technology stocks (.CSIINT) dropped 1.6%.

** Alibaba’s Hong Kong-listed shares (9988.HK) fell 6.6% to a record low ahead of earnings release later in the day.

** Chinese offshore-listed tech firms are facing a double whammy of fresh regulatory crackdowns by Beijing and growing geopolitical tensions over Ukraine, sending the Hang Seng Tech Idnex (.HSTECH) down more than 4%. read more

** Tencent Holdings (0700.HK) and Meituan (3690.HK) declined more than 3.5% each.

** Mainland developers listed in Hong Kong (.HSMPI) slumped 4.3%, with Shimao (0813.HK) down nearly 10%, after a trustee said roughly $170 million worth of asset-backed notes guaranteed by the Chinese developer may not be redeemed on maturity. read more

** Consumer discretionary (.HSCICD) stocks plunged 4%, while the finance index (.HSNF) lost nearly 3%.

** Russian aluminium producer OK Rusal MKPAO slumped 8.5%.