HONG KONG'S bears could be heading for hibernation after two significant events last week. The first was the better-than-expected profits announced by Cheung Kong, one of the key property developers in the territory. The second was the Government's decision to stop intervening in the property market. Both events are timely and are likely to have lasting effects on the property sector, which has spent the past five months in the doldrums. Cheung Kong is regarded as a barometer for property stocks in Hong Kong: when the Li Ka-shing group is performing strongly, all's well with Hong Kong. Although its net result fell marginally compared with the same period last year, the dip was much more gentle than expected and appears to pave the way for a rebound in the second half. The real breakthrough, however, was the Government's surprise decision to take no further action to cool property prices. After announcing a series of measures in June to cut speculators out of the market and bring home prices to within reach of genuine buyers, the Government believes it has completed its task. House prices on average have fallen about 15 per cent and transactions have dropped to virtually nothing - in short, the property market has been put into deep freeze. It seems an uncanny coincidence that the Government has decided to take its hands off the market just two days after developers turned their backs on the latest Government land auction, but the end result is likely to be one of rising property prices. ''We are now definitely in the bull camp on equities,'' Neil MacKay, research director of H. G. Asia, said. His firm is predicting a 12,000-point index by March next year. ''I think Hong Kong will be able to cope with the recent rise in mortgage rates and the uncertainty about the Government's actions has now been removed. ''There are some stories of renewed interest from home-buyers so we are likely to see a strong improvement in property stocks,'' he said.