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Financials

Hong Kong stocks rise to 4-week high on tech, property boost

Jan 10 (Reuters) - Hong Kong stocks rose to a four-week high on Monday, helped by a jump in technology shares and a rebound in property plays.

** The Hang Seng index rose 1.1%, to 23,746.54, while the China Enterprises Index gained 1.6%, to 8,365.37.

** The Hang Seng Tech Index rose for the third consecutive session, up nearly 2.2%.

** The index has gained more than 7% from record lows hit last Thursday, as some investors think the sell-off in Chinese tech shares fuelled by concerns over Beijing’s crackdown is overdone.

** Property shares rose to a four-week high, led by developer Shimao Group Holdings.

** Shimao surged 19% after Caixin reported the developer has put on sale all of its real estate projects, including both residential and commercial properties, to accelerates asset disposals.

** The gain was also aided by market talks that the government is asking some state-owned developers to provide liquidity to cash-strapped private real estate companies including Shimao.

** Shares of rival Longfor Group Holdings also rose, after the developer proposed to spin off and separately list its unit Longfor Intelligent Living Ltd.

** China Life Insurance Co fell 1.6% in Hong Kong. The Central Commission for Discipline Inspection (CCDI), China’s anti-corruption watchdog, said on Saturday it had placed China Life Chairman Wang Bin under investigation.

** Citi analysts said the news could “cast a shadow” over China Life’s share price, as “investors may have concerns over the insurer’s corporate governance as well as potential business disruptions brought by the chairman change”. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)

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