Hong Kong stocks rose, reversing losses for the week, after property sales in China returned to growth for the first time this year, adding to evidence of economic stabilisation on the mainland.
The Hang Seng Index advanced 1.6 per cent to 20,635.73 at the noon break, eking out a 0.2 per cent gain for the five-day period. China Overseas Land and Investment and China Resources Land led gains among property developers. Electric-vehicle maker Li Auto slumped after providing weak sales guidance for the fourth quarter. The Hang Seng Tech Index rose 0.8 per cent.
Mainland benchmarks also edged higher. The CSI 300 Index climbed 0.9 per cent and the Shanghai Composite Index added 0.6 per cent.
Home sales by China’s 22 key property developers jumped 66 per cent from a month earlier in October, according to China Real Estate Information Corp. Sales rose 2 per cent from a year earlier, it said.
“We attribute this to a strong improvement in…
