Hang Seng rose for the third day and closed with its best week in two and a half months on a quiet Friday, buoyed by Chinese property developers on hopes that Beijing could roll out new policies to boost the Chinese economy. The benchmark Hang Seng Index added 170.78 points, or 0.79 per cent, to finish at 21,913.98. Turnover stood at HK$50.77 billion Local property stocks gained after the Beijing municipal government said on Friday that new home prices rose 0.3 per cent month-on-month, and a local official said home prices in the capital city should remain stable for some time. There has been market talk about a possible reserve requirement ratio cut this evening, which would give more firms access to capital if it proved true. China Overseas ( 0688.HK ), the biggest Hong Kong-listed Chinese developer, gained 3 per cent to finish at HK$22.35. Evergrande Real Estate ( 3333.HK ) added 5.2 per cent to finish at HK$3.67. In the mainland, the Shanghai Composite Index added 11.77 points, or 0.58 per cent, to finish at 2027.38. China Rare Earth ( 0769.HK ) added 4.7 per cent to close at HK$1.78, after a media report saying that China would extend subsidies to the industry.
