SHANGHAI: Shanghai stocks rose on Tuesday after a three-session slide, as real estate developers rallied further on news that Beijing was planning to set up a fund to aid the troubled industry.
The blue-chip CSI300 index rose 0.8% to 4,245.98, while the Shanghai Composite Index gained 0.8% to 3,277.44.
The Hang Seng index rose 1.7% to 20,905.88, while the China Enterprises Index gained 1.5% to 7,185.19.
Chinese real estate companies and mainland developers listed in Hong Kong both jumped more than 5%, extending gains from the previous session.
China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a war chest of up to 300 billion yuan ($44 billion) to restore confidence in the industry, a state bank official told Reuters on Monday.
Foreign investors bought 7.25 billion yuan ($1.07 billion) of Chinese shares through the stock connect scheme on Tuesday. Investors are waiting for the Federal Reserve’s rate decision and China’s Politburo meeting this week, while details of the property policy are also expected, said Wang Mengying, a stock index futures analyst at Nanhua Futures.
China will step up financial support to aid a recovery in the cultural and tourism sectors, the central bank and the industry’s ministry said, helping shares of tourism-related companies rise 1.8%.
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