Hong Kong stocks trimmed the gains spurred by official data showing China’s fourth-quarter growth exceeded expectations, as investors weighed the sustainability of the recovery. A plunge in China Vanke, the nation’s biggest property developer by revenue, also tempered sentiment.
The Hang Seng Index added 0.3 per cent to 19,584.06 at the close, paring a gain of as much as 0.6 per cent. The four-day winning streak was the longest for the benchmark since October 2. For the week, it advanced 2.7 per cent.
The Hang Seng Tech Index gained 1.4 per cent. In China, the CSI 300 Index climbed 0.3 per cent, and the Shanghai Composite Index added 0.2 per cent.
Vanke’s shares tumbled by as much as 9.1 per cent in Hong Kong and 6.3 per cent in Shenzhen amid rumours the company’s CEO had been detained by the police, adding to woes for the developer as investors question its ability to repay its debts.
China’s economy expanded by 5.4 per cent…
