HK shares gain 4 pct after China rate bonanza

HONG KONG, Nov 27 (Reuters) - Hong Kong shares are set to open 4 percent higher on Thursday, as investors cheer China's most aggressive interest rate reductions in more than a decade aimed at combating a slowdown in the world's fastest growing economy.

Shares in China's top lender, ICBC (1398.HK), were set to open 5.1 percent higher after China's central bank slashed the reserve requirement at large banks by 1 percentage point.

China Overseas Land Investment (0688.HK) will open 15.4 percent higher, with China's higher-than-expected 1.08 percentage point interest rate cut, its fourth since mid-September, coming as a shot in the arm for the ailing property sector.

The benchmark Hang Seng Index .HSI was indicated to open 532.00 points higher at 13,901.45.

The China Enterprises Index of top locally listed mainland Chinese firms .HSCE will open up 5.3 percent at 7,304.30 (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)