CORRECTED-China shares hit 5-year high, property stocks up on policy changes
(Corrects sourcing in paragraph 2 to local media reports)
* CSI300 +2 pct; SSEC +2.4 pct
* Property sector supported by new mortgage policies
* HSI +0.5 pct; HSCE +1.0 pct
By Chen Yixin and Kazunori Takada
SHANGHAI, Jan 5 (Reuters) - China stocks rose to their highest in five years on Monday led by a jump in the property sector as investors welcomed mortgage-policy changes in Beijing and Guangzhou designed to help the troubled sector.
Beijing Housing Provident Fund Management Centre, a local government agency that provides housing loans, said on Sunday that it had raised the upper limit on the loan cap for property, effective this month. Other local governments, including Guangzhou, have taken steps to help home buyers, according to local media reports.
The CSI300 index rose 2.0 percent to 3,603.95 points at the end of the morning session, while the Shanghai Composite Index gained 2.4 percent to 3,312.82 points. Both indices hit their highest level since December 2009.
"Investors are still bargain-hunting for blue-chips and the news of mortgage policy also lifted the property sector," said Xiao Shijun, an analyst at Guodu Securities in Beijing. Continuación...