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"Everybody gets nervous when they go on the narrow path," he said.

"Everyone is fixated right now on the changes that Hong Kong has made to its listing standards to accommodate dual-class shares so as to be able to attract the big China tech unicorns," Bernstein said. "While I do think this makes Hong Kong more viable at the margin, there are a whole host of factors that go into choosing the best listing venue, and dual-class now creates a level playing field between the US and HKEX."

"Developers have been responding to the growing arrivals from China by building more three-to four-star hotels," Colliers said. It said that about 40 percent of the 10,000 new hotel rooms due to be completed from 2019 to 2022 are classified as three-star, while about 35 percent are four-and five-star hotels.

"Enterprises adopted a wait-and-see approach to weather heightened uncertainty, dampening the expansion in business activities," Liu said, citing that small businesses scaled down activities the most as they are more flexible in decision-making and more vulnerable to negative shocks.

"Facing the situation, we will consider policies for the next step. In general, we should continue to pursue a monetary policy that will be eased or tightened to the right degree," Liu said at a news conference held by the State Council Information Office.