Hong Kong (CNN Business) Stocks dropped in Hong Kong on Wednesday as tens of thousands of people marched through the city's financial district to protest a controversial extradition bill.

The Hang Seng index ended the day 1.7% lower. Leading the sell-off were property companies like Wharf Real Estate Investment, which fell 5.4%, and New World Development, which declined 4.2%.

"We're going to see a hit on the markets because the ramifications of the bill are so significant," said Richard Harris, chief executive officer of Port Shelter Investment Management.

The bill, which would enable China to extradite people from Hong Kong, was due to be debated by lawmakers in a Legislative Council session on Wednesday.

Protesters march along a road demonstrating against a proposed extradition bill in Hong Kong, China June 12, 2019.

But that meeting was postponed after protesters hit the streets around the legislature, which shares prime waterfront real estate with many large banks and financial services companies.

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