HOING KONG: Hong Kong shares finished up on Wednesday, led by real estate firms and tech giants, as investors bought the dip after mainland developers dropped nearly 20% and bet policies to be eased in the sector.
The Hang Seng index rose 0.7%, to 24,996.14, while the China Enterprises Index gained 1.2%, to 8,910.98 points.
Property firms climbed 3.1%, with the mainland developers jumping 7.8%.
State-backed Securities Times reported that some real estate companies disclosed plans to issue debt in the inter-bank market at a meeting on Tuesday with China’s inter-bank bond market regulator.
The meeting on Tuesday heralded the loosening of domestic bond policies, the Securities Times said.
Mainland property developers listed in Hong Kong lost more than 18% in the past two weeks due to tightened policy, liquidity woes and a planned real estate tax scheme. Property developer Fantasia Holdings Group Co Ltd slumped 36.7% after it said there was no guarantee it would be able to meet its financial obligations given the liquidity issue.
Investors are awaiting cash-strapped Evergrande Group’s overdue $148 million bond payment to be made on Wednesday.
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