China stocks surge, led by property shares; Hong Kong follows global rally
* CSI300 +2.2 pct; SSEC +2.3 pct; HSI +2.6 pct
* RRR cut not a signal of impending massive stimulus
* China's property shares rise on signs of recovery
SHANGHAI, March 2 (Reuters) - China stocks climbed more than 2 percent on Wednesday morning, aided by a surge in real estate and resources shares as investors welcomed signs of recovery in the property market while disregarding Moody's downgrade of its China outlook.
Hong Kong shares also rose sharply, led by energy plays , tracking gains in U.S. and European markets.
The blue-chip CSI300 index rose 2.2 percent, to 2,994.86 points by lunch time, while the Shanghai Composite Index gained 2.3 percent, to 2,794.59 points.
In Hong Kong, the Hang Seng index advanced 2.6 percent, while the Hong Kong China Enterprises Index added 3.5 percent.
In an apparent effort to manage market expectations, the official Xinhua news agency said in a commentary that China's cut in banks' reserve requirement ratio (RRR) - which took effect on March 1 - is by no means a signal of any coming large-scale stimulus.
The commentary follows rising speculation China could implement a version of the massive stimulus it adopted during the 2008 global financial crisis. That package was later criticised for misallocating resources and delaying much-needed structural reforms. Continuación...