Chinese stocks rise, led by property shares, but HK pulls back

jueves 4 de septiembre de 2014 00:38 GYT
 

* HSI -0.3 pct, CSI300 +0.2 pct

* Property shares boosted by reports of new Beijing funding policy

* Tianjin-related shares strong on talk of Free Trade Zone

By Chen Yixin, Grace (Nan) Li and Pete Sweeney

SHANGHAI, Sept 4(Reuters) - China's stock indexes rose for a fifth straight day on Thursday, boosted by strength in property shares after Reuters reported Beijing was relaxing financing rules for listed property firms.

By midday the CSI300 of the leading Shanghai and Shenzhen A-share listings had added 0.2 percent, while the Shanghai Composite Index climbed 0.3 percent to 2,294.51, setting a 15-month high.

The CSI property sub-index had gained 0.7 percent by midday, with shares in China Vanke , the country's largest residential developer, rising 2 percent and Poly Real Estate Group Co Ltd up 1.2 percent.

Reuters reported on Wednesday that listed developers would be allowed to issue medium-term notes to fund residential housing projects, supplement companies' operating cash flow and repay bank loans.

"This news did support property shares," said Du Changchun at Northeast Securities in Shanghai. "But in the long term, it will not be as strong a sector as it used to be."   Continuación...