Stocks in Hong Kong sank the most since early June after trading resumed following a Chinese holiday, as worries mounted on China’s weak housing market, while investors were also concerned about persistently high US interest rates.

Investors returned from a long holiday weekend to find the Hang Seng Index down 3% on Tuesday morning. Indexes were headed for their worst day in three months and their lowest close since November.

More than 12% of the index’s value has been lost this year, making it one of the worst performers in the world. Tech companies have been in the crosshairs of friction between Beijing and Washington due to China’s economic slowdown, a slump in the property market, and frictions between Beijing and Washington.

Xu Jiayin, founder and chairman of Evergrande Group, was detained last week by Chinese authorities on suspicion of crimes, roiling markets and sparking fears the property giant might be liquidated. The collapse of the company could further agitate global markets and pile pressure on Beijing to revive its struggling real estate market.

Evergrande shares resumed trading on Tuesday after a three-day halt. Only 1% of the peak price in October 2017 was retained to trade at 37 Hong Kong cents (4.7 US cents), up 16%.

Evergrande Property Services resumed trading as well, down 1.7% to 58 Hong Kong cents. Evergrande’s property services unit said in a filing Monday that its operations are normal.

In a filing on Tuesday, Evergrande New Energy Vehicle, the group’s EV arm, said trading remains suspended pending the release of an announcement about “inside information.”

As a result, other property developers plunged, weighing heavily on the market. In addition, Country Garden Services, the property management arm of Country Garden, was down 7.7%. Meanwhile, New World Development, a Hong Kong-based real estate firm, was down 7.2%.