China stocks close higher as property shares rally

Shanghai stocks rose on Tuesday after a three-session slide, as real estate developers rallied further on news that Beijing was planning to set up a fund to aid the troubled industry.

The blue-chip CSI300 index rose 0.8% to 4,245.98, while the Shanghai Composite Index gained 0.8% to 3,277.44. The Hang Seng index rose 1.7% to 20,905.88, while the China Enterprises Index gained 1.5% to 7,185.19.

** Chinese real estate companies and mainland developers listed in Hong Kong both jumped more than 5%, extending gains from the previous session. ** China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a war chest of up to 300 billion yuan ($44 billion) to restore confidence in the industry, a state bank official told Reuters on Monday.

** Foreign investors bought 7.25 billion yuan ($1.07 billion) of Chinese shares through the stock connect scheme on Tuesday. ** Investors are waiting for the Federal Reserve’s rate decision and China’s Politburo meeting this week, while details of the property policy are also expected, said Wang Mengying, a stock index futures analyst at Nanhua Futures.

** China will step up financial support to aid recovery in the cultural and tourism sectors, the central bank and the industry’s ministry said, helping shares of tourism-related companies rise by 1.8%. ** Energy shares added 2.4%, non-ferrous metal companies rose 1.7%, and new energy firms gained 1.4%.

** COVID-19 outbreaks remained a worry, with the daily caseload hovering around 1,000 in recent days. Shenzhen vowed to “mobilize all resources” to curb a slowly spreading outbreak, ordering strict implementation of testing and temperature checks, and lockdowns for COVID-affected buildings. ** The Hang Seng Tech Index rose 1.4%, with Alibaba Group climbing 4.8% to lead the gains.

** Alibaba will apply for a primary listing in Hong Kong and keep its U.S. listing, and Ant Group executives are no longer part of Alibaba Partnership, a body that can nominate the majority of the e-commerce giant’s board.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)