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China stocks rise as real estate firms gain; Hong Kong up – Reuters

SHANGHAI, Dec 2 (Reuters) – China stocks rose on Thursday, as real estate developers led gains after seeking to issue domestic bonds. Hong Kong stocks edged up on the back of gains in financials and property shares, while a rebound in tech shares on Wednesday failed to sustain.

The CSI300 index (.CSI300) rose 0.2% to 4,854.63 points at the end of the morning session, while the Shanghai Composite Index (.SSEC) was unchanged at 3,577.03 points.

The Hang Seng index (.HSI) added 0.2% to 23,714.00 points. The Hong Kong China Enterprises Index (.HSCE) gained 0.5% to 8,467.66.

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** Real estate developers (.CSI000952) gained 1.8%. Three Chinese developers plan to sell bonds in China to raise a combined 18 billion yuan ($2.83 billion). read more

** Analysts said this shows Beijing is marginally easing liquidity strains on the cash-strapped sector.

** But China’s property downturn is expected to continue into the first half of 2022, with home prices and sales falling as tight credit policies and a looming property tax dampen demand, a Reuters poll showed. read more

** Securities firms (.CSI399707) and automobiles (.CSI931008) added 1.1% each, while construction engineering shares (.CSI399995) rose 1.9%.

** The media subindex (.CSI399971) lost 1.7%.

** In Hong Kong, the financials subindex (.HSCIF) gained 1%, with HSBC Holdings and China Construction Bank Corp up 2% each.

** Hang Seng Mainland Properties Index (.HSMPI) added 2.4%. Longfor Group Holdings Ltd (0960.HK) and Country Garden Holdings Co (2007.HK) surged more than 3% each as they planned to sell bonds to raise money. read more

** The Hang Seng Tech Index (.HSTECH) retreated 1.4%.

** Alibaba Group (9988.HK) extended losses to fall 3.3% to a record low of HK$121.5, after missing quarterly revenue expectations and forecasting a slow growth.

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Reporting by Shanghai Newsroom; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.



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