* Hang Seng Index heads for best week in 5
* Chinese property stocks jump after December sales
* Macau casino shares fall ahead of gaming revenue data
* Macau’s December gaming revenue down 30.4 pct year on year
HONG KONG, Jan 2 (Reuters) - Hong Kong shares rose on the first trading day of the new year on Friday and looked set for their best week in the last five weeks, with Chinese property and financials stocks leading the way.
The Hang Seng index was up 0.7 percent at 23,774.40 points by the lunch break, while the China Enterprises Index gained 1.8 percent to 12,200.58.
The blue-chip index is up 1.8 percent so far this week, while the China Enterprises Index climbed 5.6 percent, fuelled by the strong sentiment in mainland China markets, which have surged on expectations that Beijing will roll out more stimulus measures to support the slowing economy.
“Sentiment toward companies which are to be benefit from China’s policy remained strong, and that fuelled demand for shares in Chinese property, banks, insurers and brokerages,” said Linus Yip, chief strategist at Hong Kong-based First Shanghai Securities.
Shares of Chinese property developers in Hong Kong surged as reports of strong December sales eased worries about the cooling housing market. China Resources Land Ltd climbed 6.6 percent, China Overseas Land and Investments Ltd 6.5 percent and China Vanke 7 percent.
Ping An Insurance was up 3.4 percent and China Life Insurance rose 2.8 percent.
China markets were closed for a holiday on Friday and will reopen on Monday.
Casino shares fell ahead of the release of Macau’s gambling revenue for December, with Wynn Macau down 2.3 percent, and Melco Crown and Galaxy Entertainment each losing 1.8 percent.
Macau reported during the lunch break that its gaming revenue fell 30.4 percent year-on-year in December and was down 2.6 percent in 2014.
Reporting by Donny Kwok; Editing by Kim Coghill