Chinese stocks rose, sending a gauge of Hong Kong-traded mainland companies to the highest level this year, on speculation the government is accelerating measures to support the housing market.
China Vanke Co. (000002), the nation’s biggest developer, climbed 2 percent and China Resources Land Ltd. added 2.6 percent in Hong Kong. Anhui Conch Cement Co., the largest producer of the building material gained at least 1.6 percent in Shanghai and Hong Kong. China Cinda Asset Management Co. headed for its biggest two-day advance in six months, extending gains on expectations first-half earnings will jump.
The Hang Seng China Enterprises Index (HSCEI), also known as the H-share index, rose 1.3 percent to 10,743.93 as of 10:54 a.m. in Hong Kong, bringing it within 1 percent of erasing this year’s loss. A Bloomberg News survey showed Chinese banks will probably offer discounted mortgages in the second half to support the property market, while Sina.com reported today that Haikou has become the latest city to relax housing curbs.