* HSI -0.3 pct, CSI300 +0.2 pct
* Property shares boosted by reports of new Beijing funding
* Tianjin-related shares strong on talk of Free Trade Zone
By Chen Yixin, Grace (Nan) Li and Pete Sweeney
SHANGHAI, Sept 4China's stock indexes rose for a
fifth straight day on Thursday, boosted by strength in property
shares after Reuters reported Beijing was relaxing financing
rules for listed property firms.
By midday the CSI300 of the leading Shanghai and
Shenzhen A-share listings had added 0.2 percent, while the
Shanghai Composite Index climbed 0.3 percent to
2,294.51, setting a 15-month high.
The CSI property sub-index had gained 0.7
percent by midday, with shares in China Vanke
, the country's largest residential developer, rising 2
percent and Poly Real Estate Group Co Ltd up 1.2
Reuters reported on Wednesday that listed developers would
be allowed to issue medium-term notes to fund residential
housing projects, supplement companies' operating cash flow and
repay bank loans.
"This news did support property shares," said Du Changchun
at Northeast Securities in Shanghai. "But in the long term, it
will not be as strong a sector as it used to be."
In Hong Kong, the Hang Seng Index was down 0.3
percent at 25,249.49 after a strong start and the China
Enterprises Index of the top Chinese listings in Hong
Kong rose 0.6 percent.
"There's a little bit of a pull-back and correction after
yesterday's rally," said Mark To, head of research at Hong
Kong's Wing Fung Financial Group. "In terms of the overall
sentiment, views regarding whether it's going to have a further
rally or to have some more correction at this level are really
Some investors are concerned that stocks expected to benefit
from the Shanghai-Hong Kong Stock Connect may come under
pressure due to profit-taking as the launch date of the
programme draws near, To added.
China Mobile added 0.3 percent, hovering around a
six-year high. The telecom giant posted strong gains in the
previous two sessions after it started to take pre-orders for a
new 4G cellphone, which is expected to be iPhone 6.
Shares in China Overseas Grand Oceans jumped 3.7
percent, Sunac China Holdings Ltd surged 7.0 percent
and Kaisa Group Holdings 2.8 percent. [ID: nH9N0QE00S]
Tianjin-city-related shares found support after news that
Chinese Premier Li Keqiang would speak at the 2014 New Leaders
Meeting of the World Economic Forum in Tianjin on Sept. 10.
Analysts said the meeting had sparked speculation the
government would develop a Free Trade Zone in Tianjin.
Four Tianjin-related companies jumped by their 10 percent
daily limit, including Jinbin Development Co Ltd,
Tianjin Tianbao Infrastructure Co Ltd and Tianjin
Marine Shipping Co Ltd.
(Additional reporting by the Shanghai Newsroom; Editing by Alan