HONG KONG: Hong Kong shares posted solid gains on Monday with property leading the advance, helped by stronger Chinese mainland bourses as the Shanghai benchmark index closed at its highest in eight months.
The market was also lifted by Friday’s rally on Wall Street, which rooted in an easing of tensions in Ukraine.
The Hang Seng Index closed up 1.3 per cent at 24,646.02 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong added 1.9 per cent.
China Resources Land was the top percentage gainer on the Hang Seng, jumping 5.7 per cent, and China Overseas Land & Investment climbed 3.1 per cent.
Smaller Chinese developers listed in Hong Kong were also up, buoyed by reports that more cities and provinces are loosening housing policies.
Hong Kong’s local developers outperformed, too, as last week’s data showed the city’s home prices hit a record high for a second straight month in June.
Henderson Land Development spiked 4.8 per cent and Cheung Kong Holdings 2.7 per cent.
