Nov 10 (Reuters) – 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.
** The Hang Seng Tech Index rose 2.1%, with Tencent Holdings surging 4.2% ahead of Q3 earning results later on Wednesday.
** Healthcare firms added 2.7%, with Fosun Pharmaceutical Group surging nearly 10%.
** A clinical trial for a Chinese vaccine maker’s candidate that adopts the messenger RNA (mRNA) technology has obtained a key regulatory clearance from China, while investors are expecting Fosun, which is trying to bring a German firm’s mRNA vaccine to China, to get approval from the authority. (Reporting by the Shanghai Newsroom; Editing by Shailesh Kuber)
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Source : https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-stocks-close-up-as-property-and-tech-shares-boost-idUSAZN01SS7X