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)

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