China stocks jump on Vanke inspiration; Hong Kong up
* CSI300 +2.3 pct; SSEC +1.4 pct; HSI +0.3 pct
* Blue chips rise as investors bet on the next Vanke
* Fresh wave of IPOs could put pressure on liquidity
SHANGHAI, Dec 21 (Reuters) - China stocks rose sharply on Monday, led by broad rallies in real estate, banking and consumer plays as investors scooped up modestly-priced blue chips, pulling Hong Kong shares higher.
Chinese investors have been inspired to buy blue chips following a recent wave of share acquisitions by yield-seeking insurance firms.
Strength on the mainland bolstered the Hong Kong market, helping investors there shrug off the gloom in U.S. and European stocks in the wake of last week's post-Federal Reserve rate hike rally.
The CSI300 index jumped 2.3 percent, to 3,852.96 points by the lunch break, while the Shanghai Composite Index gained 1.4 percent, to 3,629.20 points.
Shenzhen's start-up board ChiNext weakened, but relatively cheap big-caps advanced, amid evidence that cash-rich insurers have been stepping up purchases into blue chips such as property developer China Vanke Co .
"Investors are looking for the next Vanke," said Chang Chengwei, analyst at brokerage Hengtai Futures, referring to China's biggest homebuilder at the centre of a high-profile bidding war. Continuación...