May 23, 2014 / 7:11 AM / in 4 years

China shares rise on solid gains by property counters

HONG KONG, May 23 (Reuters) - China shares rose on Friday on the back of property stocks, which were lifted by further signs of relaxation from housing authorities.

The Shanghai Composite Index ended up 0.7 percent at 2,034.57 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings gained 0.8 percent.

Friday’s gains erased losses earlier this week. The CSI300 inched up 0.1 percent this week, while the Shanghai benchmark gained 0.4 percent.

The CSI property sub-index rose 2.6 percent on Friday after a Shanghai Securities News report cited a central government official as saying more cities would ease their housing-purchase restrictions.

Wolong Real Estate Group Co Ltd surged the maximum allowed 10 percent in Shanghai, while property giants Poly Real Estate Group Co Ltd jumped 4.3 percent and China Vanke climbed 3.3 percent. (Reporting by Grace Li; Editing by Richard Borsuk)

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