* SSEC +1.77%, CSI300 +2.15%
* Factory growth rises at fastest pace in 10 years in November
* Property lags other sectors as new home price growth eases
SHANGHAI, Dec 1 (Reuters) - China’s blue-chip stocks rose on Tuesday by their most in more than seven weeks, as better-than-expected manufacturing survey data underscored a continued recovery in the world’s second-largest economy.
** China’s factory sector activity grew at its fastest pace in a decade in November, a business survey showed, as the economy rebounds to pre-pandemic levels. ** Analysts at Nomura said the robust factory data reflected momentum behind China’s recovery from pandemic-related paralysis earlier in the year. ** “We believe November’s rise in the Caixin manufacturing PMI was partly a function of its sharp drop in spring this year, and partly a reflection of decent sequential growth momentum, and we expect PMIs to remain buoyant in coming months,” they said in a note. ** At the close, the blue-chip CSI300 index was up 2.15%, its biggest daily rise since Oct. 12. The Shanghai Composite index rose 1.77% to 3,451.94. ** The CSI300 financial sector sub-index rose 2.83%, the consumer staples sector added 1.52% and the healthcare sub-index jumped 3.17%. ** But the real estate index lagged, gaining only 0.13% after weak housing data. ** Chinese new home prices growth eased slightly in November, weighed by tighter market curbs in larger cities and increased demand weakness in smaller towns, a private survey showed. ** China’s property market is the biggest “grey rhino” - a very obvious yet ignored threat - in terms of financial risks, given it is so deeply intertwined with the financial industry, the country’s chief banking regulator said on Monday. ** The smaller Shenzhen index ended up 1.51% and the start-up board ChiNext Composite index was 2.53% higher. ** At 07:08 GMT, the yuan was quoted at 6.5686 per U.S. dollar, 0.16% firmer than the previous close of 6.5792. (Reporting by Andrew Galbraith; Editing by Subhranshu Sahu)
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