Hong Kong stocks rose for the second day, buoyed by a rally in real estate developers, after China’s central bank pledged to ensure a healthy property market amid concerns about the fallout from Evergrande’s liquidity crunch.
The Hang Seng Index rose 1.6 per cent to 24,604.24 as of 10.35 am local time. The Shanghai Composite Index climbed 0.2 per cent to 3588.27. The Hang Seng Tech index jumped 1.8 per cent.
Country Garden advanced 5.5 per cent and China Resources Land climbed 3.9 per cent while Sunac China surged 20 per cent to HK$15.54. China Evergrande surged 7.1 per cent to HK$2.73.
The People’s Bank of China said it will sustain a healthy development of the property market and consumers’ rights in a decision after its third-quarterly meeting on Monday. The statement suggests policymakers are seeking to contain risks amid signs of distress in the industry.
Alibaba, the owner of this newspaper, led gains among tech stocks with a 5.8 per cent appreciation to HK$150.20 while Meituan and Tencent Holdings added 1.3 per cent and 2.4 per cent respectively.
Hangzhou Dadi Haiyang Environmental Protection began trading for the first time in mainland China, it surged 174 per cent to 38.26 yuan.
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