China Stock-Index Futures Rise as Shares Trade at Five-Year High

China’s stock-index futures gained after the Shanghai benchmark index climbed to its highest level since August 2009.

Futures on the CSI 300 Index expiring in March rose 0.8 percent to 3,740 as of 9:18 a.m. local time. Poly Real Estate Group Co. may be active after the developer announced it will raise up to 10 billion yuan ($1.6 billion) through a share sale. Developers may move after the China Securities Journal said property policies should be fine-tuned to boost demand.

The Shanghai Composite Index rose 2.3 percent to a five-year high of 3,449.31 on Monday after Premier Li Keqiang pledged to take action if economic growth slows too much and funds locked up for new share sales returned to the banking system.

The CSI 300 Index rose 2.4 percent. Hong Kong’s Hang Seng China Enterprises Index added 0.9 percent and the Hang Seng Index gained 0.5 percent. The Bloomberg China-US Equity Index advanced 0.2 percent in New York on Monday.

The Shanghai gauge is valued at 13 times 12-month projected earnings, compared with the five-year average multiple of 10.3, according to data compiled by Bloomberg.

China Railway Group Ltd. and China Railway Construction Corp. may be active. The government is studying the merger of the two companies, China Economic Weekly reported on its website, citing Wang Mengshu, deputy chief engineer at China Railway Tunnel Group -- a unit of China Railway Group.

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