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HONG KONG: China stocks traded in a tight range and ended higher on Wednesday, helped by the latest round of property financing support policies, including the central bank’s 200 billion loans.

Shares in Hong Kong rebounded after a 5-day losing streak, as gains in US stocks overnight helped the local market.

China’s blue-chip CSI 300 Index edged up 0.1%, while the Shanghai Composite Index advanced 0.26%.

Hong Kong’s Hang Seng Index rose 0.57% and the Hang Seng China Enterprises Index climbed 0.74%.

China’s Bank of Communications agreed to provide a 100-billion-yuan credit line to developer Vanke in the latest sign of support for the embattled property sector.

China’s central bank will provide 200 billion yuan in loans to six commercial banks for housing completions, according to a deputy central bank official quoted by the state-run Economic Daily on Monday.

Asian share markets mostly rose on Wednesday, but oil and the dollar slipped as rising COVID-19 cases in China raised fears of fresh lockdowns that could slow the reopening of the world’s second-largest economy.

China reported 29,157 new cases for Nov. 22 vs 28,127 a day earlier Beijing shut parks and museums on Tuesday and Shanghai tightened rules for people entering the city as authorities grappled with a spike in infections.

“Market sentiment cooled a bit after a strong rally in the first half of November,” said Linus Yip, a strategist at First Shanghai Securities, adding overall sentiment leaned towards the positive side, driven by the COVID-19 policy pivot and slowing US interest rate hikes.

Yi Huiman, chairman of the China Securities Regulatory Commission, said on Monday that China will explore ways to establish a capital market with “Chinese characteristics” so market resources can be allocated more effectively.

Liquidity conditions in China’s interbank money markets eased further on Tuesday, as cash supply far outpaced demand.

State-owned companies were the outperformers in A-shares, with infrastructure names jumping 1.2% and banks rising 0.3%.

Energy and real estate stocks also rose 1.2% and 0.1%, respectively.

In Hong Kong, Alibaba jumped 3.2% after Reuters reported Chinese authorities are poised to impose a fine of more than $1 billion on its affiliate Ant Group, setting the stage for ending the fintech company’s two-year-long regulatory overhaul.

Hang Seng Tech advanced 1.1%, while Hong Kong-listed mainland properties gained 1.7 percent.

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