Hong Kong stocks close up as property and tech shares boost

REUTERS | NOVEMBER 10, 20214:18 PM UPDATED 17 HOURS AGO

By Reuters Staff

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)