Hong Kong stocks rise on China property optimism and chip fund, with gains in chip makers

From South China Morning Post: 2024-05-27 22:46:37

Hong Kong stocks rose for a second day on optimism about China’s property market recovery and a new chip investment fund. The Hang Seng Index gained 0.5% while chip makers like SMIC and Hua Hong Semiconductors saw gains. Alibaba Health surged 11% after reporting a 65% increase in net income.

Shanghai, China’s largest commercial city, announced easing measures for home purchases to revive the property market after China’s rescue plan. Changes include lower down-payment ratios, mortgage rates, and subsidies for homebuyers. China Vanke gained 1.3% after selling an unfinished project for $309 million.

In other Asian markets, Japan’s Nikkei 225 and Australia’s S&P/ASX 200 saw slight declines, while South Korea’s Kospi rose. China Resources Land and Longfor Group Holdings strengthened in Hong Kong, and chip makers like SMIC and Hua Hong Semiconductors showed positive momentum.



Read more at South China Morning Post: Hong Kong stocks extend gains, cheered by Shanghai’s property easing, China’s US$47.5 billion chip fund