China stocks rise on renewed interest in property sector; HK up

jueves 18 de agosto de 2016 01:14 GYT

* SSEC 0.4 pct, CSI300 0.5 pct, HSI 1.6 pct

* Interest in China property shares rekindled by Financial Street

* Hong Kong stocks seen benefiting from the Shenzhen Connect

SHANGHAI, Aug 18 (Reuters) - China stocks rose on Thursday morning, helped by a resurgence in real estate shares, as Financial Street become another developer, after Vanke, to be caught up in M&A-driven share surges.

Hong Kong shares maintained strong upward momentum, with investors seeking to front-run expected fresh inflows from the upcoming Shenzhen-Hong Kong Stock Connect.

The CSI300 index rose 0.5 percent, to 3,391.40 points at the end of the morning session, while the Shanghai Composite Index gained 0.4 percent, to 3,122.16 points.

Sentiment was aided by renewed bullishness in the real estate sector, which jumped 4.7 percent, despite signs of fatigue in the home market.

China home prices rose 0.8 percent in July nationwide, but stalled or fell in more cities than in June.

Shares in Financial Street surged 10 percent daily limit, after disclosure that the acquisitive Chinese insurance group Anbang has become the developer's second largest shareholder with a 30 percent stake. Financial Street's parent, Beijing Financial Street Investment Group Co Ltd and its affiliates, currently hold over 31 percent in the developer.   Continuación...