SHANGHAI: China stocks rose on Thursday with property developers leading the gains amid news reports and expectations that Beijing would boost policy support to aid the failing sector.
The blue-chip CSI 300 Index was added 0.5% at market close, while the Shanghai Composite Index gained 0.6%.
Hong Kong’s Hang Seng Index rose 1% %, and the Hang Seng China Enterprises Index climbed 1.6%.
Asian shares were flat with markets holding onto their gains for the week as confidence grows that interest rates globally will head lower next year, while oil prices fell on the prospects for smaller-than-expected output cuts by OPEC+.
China may allow banks to offer unsecured short-term loans to qualified property developers for the first time, Bloomberg News reported on Thursday.
They also reported on Wednesday that China has placed debt-laden Country Garden Holdings Co on a draft list of 50 developers eligible for a range of financing support.
The Hang Seng Mainland Properties Index jumped 6.4%, while the CSI 300 Real Estate Index rose 3.2%.
A top Alibaba executive told staff on Wednesday that it was a “coincidence” that a plan by former chief Jack Ma’s family trust to sell some shares in firm was disclosed on the same day the firm scrapped its cloud unit’s listing, in a move seen as an effort to quell ongoing unease within the e-commerce giant.
Tech giants listed in Hong Kong was up 2.2%.
Chinese government advisers will recommend economic growth targets for next year ranging from 4.5% to 5.5% to an annual policymakers’ meeting, Reuters reported on Wednesday.
Recent economic data showed a remained weakness in recovery, Capital Securities said in a note, adding the expectation on a meeting between China and US leaders are already priced in and investors will continue to monitor domestic economic data.
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