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HK shares at 2-½ mth low; property leads China up

 * HK shares decline for 5th straight session
 * China shares snap four-day decline as property rebounds
 * HSBC down on renewed concern over Dubai debt exposure
 (Updates to close)
 HONG KONG/SHANGHAI, Dec 21 (Reuters) - Hong Kong shares fell
for a fifth straight session to a 2-½   month low on Monday,
with banks and property counters leading the slide on concerns
about further measures to restrain property speculation, while
China stocks rose as property rebounded.
 Hong Kong shares extended losses in the afternoon, falling
as much as 1.15 percent to a session low of 20,932.77 before the
benchmark Hang Seng Index .HSI ended down 1.08 percent or
227.78 points at 20,948.10, its lowest close since Oct 6.
 Brokers said the recent weakness of the Hong Kong dollar had
triggered concern about liquidity outflows and investors had
started to look at fundamentals as liquidity dried up.
 "Concern over liquidity outflows discouraged players from
taking aggressive positions," said Linus Yip, strategist from
First Shanghai Securities. "There is no doubt that the downside
correction will continue and may last for a short while."
 Turnover fell to HK$49.69 billion ($6.4 billion), from
Friday's HK$69.75 billion.
 The China Enterprises Index .HSCE of top locally listed
mainland Chinese stocks closed down 1.07 percent at 12,203.17.
 Banks remained weak on worries they might need to make
provisions against their Dubai exposure as debt-ridden
conglomerate Dubai World [DBWLD.UL] was expected on Monday to
ask key creditors for more time to pay off its loans while
leaving unsettled the prospects of being paid back in full.
[ID:nLDE5BJ01R]
 Index heavyweight HSBC 0005.HK fell 1.09 percent to a
HK$86.50, its lowest close since Nov. 5. Standard Chartered
2888.HK fell 1.78 percent to HK$187.80
 Chinese banks and financial stocks remained soft on
persistent worries that Beijing might cool a domestic lending
binge. China Construction Bank 0939.HK fell 1.26 percent and
ICBC 1398.HK was down 1.45 percent. China Life 2628.HK fell
3.97 percent.
 Among consumer-related issues, Geely Auto 0175.HK fell for
a fourth straight session losing 9.87 percent to a more than
four-week low of HK$3.56 as investors reassessed its valuations
following a three-month run-up.
 Wharf Holdings 0004.HK fell 7.37 percent to HK$40.85 after
a 6.65 percent rise last Friday. Sun Hung Kai Properties
0016.HK was down 1.5 percent at HK$112 and Cheung Kong
0001.HK fell 1.09 percent to HK$95.
 Las Vegas Sands' Macau unit Sands China 1928.HK fell 5.91
percent to HK$9.23 on concern about competition in Macau's
gaming industry. Las Vegas Sands LVS.N, the world's No.2
casino operator by market capitalisation, said it could complete
all of its five planned projects on Macau's Cotai strip within
five years. [ID:nTOE5BK02T]
 Rival Wynn Macau 1128.HK gained 1.69 percent to HK$9.64.
 "In terms of debt structure, Wynn is a better choice than
Sands China," said William Lo, analyst at Ample Finance Group.
 Renhe Commercial 1387.HK rose 1.23 percent after it said
it would realise a HK$2.16 billion ($278 million) gain from
sales of a Zhengzhou development project.
 SHANGHAI RISES AS PROPERTY REBOUNDS
 China's key stock index rose 0.29 percent on Monday,
breaking a four-day slide that had taken it to a three-week low,
with the property sector rebounding after the index found
technical support when it slipped through a key chart level.
 The Shanghai Composite Index .SSEC ended up 9.087 points
at 3,122.973, after shedding 4.1 percent last week. Analysts
said prospects for heavy supplies of new shares and other
negative factors continued to weigh on sentiment despite the
technically driven bounce.
 Gaining Shanghai A shares outnumbered losers by 721 to 161,
while turnover slipped to 90 billion yuan ($13.18 billion), the
lowest in more than two months, from Friday's 116 billion yuan.
 The index on Monday morning sagged below its 120-day moving
average, now at 3,101 points, for the first time in seven weeks.
 "The index staged a technical rebound after falling so
fast," said Wen Lijun, analyst at Nanjing Securities, who added
that the 3,000 point mark could offer solid support.
 "The banking sector is under pressure from renewed worries
over fundraising, while additional measures to curb property
prices could emerge and hit the market at some point."
 The Shanghai property sub-index .SSEP gained 0.99 percent
after shedding 9.5 percent last week, while sector heavyweight
China Vanke 000002.SZ ended 1.23 percent higher at 10.72 yuan,
reversing a 1.51 percent deficit as of midday.
 Beijing has announced a number of measures to cool domestic
real estate speculation, including stiffer rules for purchases
of government land. The official Securities Times reported on
Monday that more such steps may be imminent.
 "This rebound is a weak one. The index is expected to remain
sluggish for several days as a number of negative factors are
still looming over the market," said Zhou Lin, senior analyst at
Huatai Securities in Nanjing.
 The banking sector was soft, with China Merchants Bank
600036.SS down 2.1 percent at 16.82 yuan, while Bank of
Nanjing 601009.SS dropped 1.85 percent to 18.60 yuan after
saying it planned to raise up to 5 billion yuan via a rights
issue to bolster its capital. [ID:nTOE5BJ015]
 A senior banking regulator said over the weekend that
Chinese banks would need to raise 500 billion yuan ($73.25
billion) from the capital markets next year as capital adequacy
ratios had been stretched by expanded lending. [ID:nTOE5BK03K]
 The index has been pressured over the past two weeks by
concerns about rising share supplies.
 China CNR Corp 601299.SS, one of the country's two big
train makers, is taking subscriptions on Monday for its Shanghai
IPO, aimed at raising as much as 13.9 billion yuan.
 Environment-related shares were firmer, with Chinese wind
power producer Xinjiang Goldwind Science and Technology
002202.SZ gaining 1.07 percent to 27.44 yuan after the climate
change summit in Copenhagen ended with only a bare-minimum
agreement. [ID:nLDE5BI00Z] [ID:nLDE5BK05M]
 (Editing by Chris Lewis)































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