STOCKS | Hong Kong Property Shares Rise On Mainland Housing Policy Support

Hong Kong-listed property developers rose after mainland media reported fresh policy support for the housing market, with China Resources Land up 4.2% at HK$30.68, China Overseas Land & Investment up 3.1% at HK$13.27, Yuexiu Property up 5.3% at HK$3.17 and Vanke Enterprise up 3.9% at HK$2.415, according to ETNet. Shanghai Securities News reported that several mainland departments, including the Ministry of Housing and Urban-Rural Development, the People's Bank of China, the National Financial Regulatory Administration and the China Securities Regulatory Commission, have rolled out policy measures to speed up the building of a new real-estate development model. The report said reporters visited housing markets in Beijing, Shenzhen, Guangzhou and Wuhan after the new measures were introduced, and found encouraging signs in both the new-home and secondary-home markets. Industry participants were broadly upbeat about the property market in the September-October peak season. At the time of the report, the Hang Seng Index was up 28 points at 25,339, while the Hang Seng China Enterprises Index fell 18 points to 8,431 and the Hang Seng Tech Index slipped 15 points to 4,501. Current-month HSI Futures were at 25,290, up 37 points and at a 50-point discount, while current-month HSCEI Futures were at 8,419, down 16 points and at a 12-point discount. Current-month Hang Seng Tech Futures were at 4,506, down 18 points and at a 13-point premium.