Chinese Stocks in Hong Kong Rally on Government Support Measures
- Stimulus targets country's property and automotive industries
- Financial markets in mainland China closed till Oct. 8
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Chinese stocks in Hong Kong rallied, rebounding from the biggest quarterly loss in four years, as trading resumed after a holiday and the government stepped up targeted support for the economy.
The Hang Seng China Enterprises Index advanced 3 percent to 9,686.64 at the close, its biggest gain in three weeks. The gauge tumbled 28 percent last quarter. China Resources Land Ltd. jumped 8.7 percent after the People’s Bank of China reduced the minimum home down payment for first-time buyers, while automakers climbed for a second day after authorities cut a tax on passenger-vehicle purchases. Casino operators surged on a report China is studying supportive measures for Macau to revive the city’s economy.