Hong Kong stocks end higher as China stimulus hopes spark property rally
Market sentiment buoyed by China homebuyer loan support talk and Vanke debt progress
The Hang Seng Index rose 0.3 per cent to 25,540.78 at the close of trading after falling as much as 0.7 per cent earlier in the session. The Hang Seng Tech Index rose 0.5 per cent. On the mainland, the CSI 300 Index fell 0.1 per cent and the Shanghai Composite Index slipped 0.2 per cent.
Food-delivery service provider Meituan jumped 2.7 per cent to HK$100, while search-engine firm Baidu rose 1.8 per cent to HK$123.60, and short-video platform Kuaishou Technology added 0.8 per cent to HK$67.15.
Online-game provider NetEase retreated 0.9 per cent to HK$210.80, and electric-vehicle maker Li Auto declined 1.4 per cent to HK$66.15.
Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC) tumbled 0.2 per cent to HK$68.70, extending its losing streak, after US President Donald Trump allowed its US counterpart Nvidia to sell advanced artificial intelligence chips to China. SMIC’s shares have surged 112 per cent this year, fuelled by China’s push for technology self-sufficiency and stronger backing for domestic chipmakers amid escalating geopolitical tensions.
Chinese developers rallied in the afternoon session, lifted by speculation that Beijing may consider subsidising homebuyers’ loans to ease repayment burdens. Media reports suggesting that state-backed China Vanke may have made progress in its debt-restructuring talks with bondholders also helped sentiment.