China, HK stocks rise on property rebound; livestreaming platforms drop

Author of the article: SHANGHAI — China and Hong Kong equities rose on Tuesday, as real estate stocks extended their rebound amid growing signs of marginal policy easing by Beijing to prevent a hard landing of the sector. ** However, China’s video and live-streaming platforms listed in Hong Kong slumped, after Beijing fined internet celebrity…
China, HK stocks rise on property rebound; livestreaming platforms drop

Author of the article:

SHANGHAI — China and Hong Kong equities rose on Tuesday, as real estate stocks extended their rebound amid growing signs of marginal policy easing by Beijing to prevent a hard landing of the sector.

** However, China’s video and live-streaming platforms listed in Hong Kong slumped, after Beijing fined internet celebrity Viya for tax evasion, stoking fears of fresh crackdowns.

** China’s blue-chip CSI300 index rose 0.2% to 4,888.75 points at the end of the morning session, while the Shanghai Composite Index gained 0.4% to 3,608.48 points.

** The Hang Seng index added 0.5% to 22,865.96 points, while the Hong Kong China Enterprises Index gained 0.7%.

** The CSI300 Real Estate Index jumped more than 4% to a nearly two-month high, having rebounded almost 20% from its November low. An index tracking Hong Kong-listed Chinese developers rose roughly 2%.

** Sentiment in the sector was bolstered by growing signs of government support, as Beijing seeks to prevent a contagion from the financial woes at China Evergrande Group and several other heavily indebted developers.

** China is urging large private and state-owned property companies to acquire real estate projects from troubled developers, the official China Securities Journal said on Monday.

** Shares of Fantasia Holdings Group Co Ltd jumped as much as 21.7% after the Chinese developer said certain bondholders have agreed to a payment delay.

** Bucking the broader trend, several major video and livestreaming platforms declined.

** Bilibili tumbled more than 6%, Kuaishou Technology lost as much as 4%, while Alibaba Group , which owns e-commerce Taobao Live platform, dropped 1.5%.

** China has cracked down on a range of industries including e-commerce, property, education and online gaming this year. Tighter scrutiny will likely continue in 2022, but clearer rules will give investors some certainty about the regulatory environment.

($1 = 6.3742 Chinese yuan renminbi) (Reporting by Shanghai Newsroom; Editing by Devika Syamnath)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
China’s exports gain steam though outlook remains uncertain
Read More

China’s exports gain steam though outlook remains uncertain

Author of the article: Reuters Ellen Zhang and Ryan Woo BEIJING — China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-induced slump, but weakening global demand could start to drag on shipments in coming months. Exports grew 18.0% in July…
Tunisia collects $630 mln from a national subscription this year
Read More

Tunisia collects $630 mln from a national subscription this year

Author of the article: TUNIS — Tunisia has collected 1.8 billion dinars ($630 million) from a national subscription this year, the finance ministry said on Thursday, as the country struggles to finance this year’s budget deficit. The fiscal deficit in the latest forecast will reach 8.3% in 2021, up from 6.6% expected earlier. Tunisia this…
Canada bans Huawei from 5G network
Read More

Canada bans Huawei from 5G network

Firms that already have Huawei or ZTE gear installed will have to remove it by the end of 2027 Author of the article: Bloomberg News Erik Hertzberg and Brian Platt Publishing date: May 19, 2022  •  19 hours ago  •  3 minute read  •  5 Comments A staff member of Huawei uses her mobile phone at…