Hong Kong shares rise for 7th day, property leads

HONG KONG, July 30 Wed Jul 30, 2014 4:09am EDT

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HONG KONG, July 30 (Reuters) - Hong Kong's benchmark index climbed to fresh 3-1/2-year highs on Wednesday, with major property developers leading the rise as investors bet on a solid performance for first-half earnings.

The Hang Seng Index rose for the seventh straight day to end 0.4 percent up at 24,732.21 points. It was last at these levels in November 2010. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong slipped 0.03 percent.

Hong Kong's property sub-index climbed to a 14-month high with Cheung Kong Holdings and Sun Hung Kai Properties leading the rise.

Cheung Kong, whose first-half results are due on Thursday, rose more than 3 percent to a record high before trimming gains to end 2.2 percent up. Sun Hung Kai rose 3.2 percent to its highest close since March 2013.

Morgan Stanley this week revised up its forecasts for Hong Kong's home prices this year to a 5 percent gain from a 10 percent drop. (Reporting by Donny Kwok; Editing by Jacqueline Wong)

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