* HSI +0.5 pct, H-shares +0.3 pct, CSI300 +0.2 pct
* Chinese property broadly weak on home price data
* Kweichow Moutai up on spin-off report
* Tencent, ChinaVision rise
By Alice Woodhouse and Chen Yixin
HONG KONG/SHANGHAI, March 18 China shares rose
on Tuesday, in spite of home-price data that hurt property
stocks and a mainland media report that a local developer could
default on a large loan.
Shares in Kweichow Moutai helped lead gains in
Chinese stocks after media reports that the distiller was
looking to spin off some of its assets.
Hong Kong shares posted their first gains after four
straight days of losses, but investors remained cautious on
concerns over Chinese economic growth prospects.
By midday, the Hang Seng Index was up 0.5 percent at
21,577.10 points. The China Enterprises Index of the top
Chinese listings in Hong Kong gained 0.3 percent.
The CSI300 rose 0.2 percent, while the Shanghai
Composite Index was up 0.3 percent at 2,029.66 points.
"There may be a chance for some technical rebound but
because there is no good news right now, so I don't think the
rebound momentum will be too great," said Linus Yip, strategist
at First Shanghai Securities.
Yip said the market was expecting stimulus policies to be
announced in mainland China and that investors are taking a
Property plays were broadly weak on Tuesday after average
new home prices in China's 70 major cities increased 8.7 percent
in February, easing from the previous month's 9.6 percent rise,
the second consecutive month of a slowing.
A report in state-owned China News Services said unlisted
Chinese property developer Zhejiang Xingrun Real Estate Co owes
3.5 billion yuan ($566.52 million) to banks and individuals, and
is close to insolvency.
Shanghai-listed Poly Real Estate Group fell 3.1 percent and
China Vanke slipped 1.6 percent. In Hong Kong, China
Resources Land dropped 1.5 percent and China Overseas
Land and Investment fell 2.7 percent.
Shanghai Jinfeng Investment Co jumped its 10
percent daily limit on Tuesday as Greenland Holding Group Co., a
Shanghai city government-owned builder, injected 65.5 billion
yuan of assets into the company in exchange for new shares of
the Shanghai-listed firm.
Kweichow Moutai shares gained 5.3 percent after China
Securities Journal reported the company plans to seek a separate
listing of some of its liquor business.
Shares in internet giant Tencent, which closed on
Monday at their lowest since Feb. 13, gained 5.7 percent after
the company sold HK$1.01 billion ($130.06 million) shares in
ChinaVision Media to reduce its stake to 1.23 percent
from 8 percent, according to a stock exchange disclosure.
ChinaVision shares rose 5.2 percent on the announcement.
The share sale came a day after Alibaba
announced acquisition of 60 percent of ChinaVision for HK$6.2
billion last week.
China's central bank is considering regulations that would
limit the use of third party payment systems, including the
payment arms of Tencent and Alibaba Holding Group.