Hong Kong stocks rose to nine-month highs propelled by supportive measures launched by local Chinese governments to shore up the property market and by expectations the US Federal Reserve will embark on an interest-rate cutting campaign after soft inflation data.
The Hang Seng Index advanced 1.6 per cent to 19,376.79 at the noon break, heading for its highest close since August 7. The Hang Seng Tech Index climbed 0.1 per cent and the Shanghai Composite Index added 0.5 per cent.
Hong Kong stocks have been on a tear in recent sessions after China ramped up policy support for the battered housing market and following speculations about dividend tax relief, making the Hang Seng Index the best performing benchmark globally last month.
In the latest effort to stem the downturn and reduce inventories, the city of Hangzhou said that it would buy existing homes and rent them out as affordable housing and Hefei would give homebuyers subsidies…
