HONG KONG Oct 4 Hong Kong stocks posted modest
gains on Tuesday led by consumer staples and a rally in
developer China Evergrande, but gains were capped by
concerns that more cities in China may take steps to cool
surging property prices.
The benchmark Hang Seng Index ended up 0.5 percent at
23,689.44 points, while the China Enterprises Index
gained 0.8 percent at 9,756.77.
China Evergrande surged 12 percent at one point after it
said it planned to inject almost all of its property assets into
a Shenzhen-listed firm, orchestrating a backdoor listing in the
mainland. The stock ended 8.2 percent.
But fears of more restrictions on home purchases in China
triggered selling in the broader property sector.
Shares of China Resources Land slid 2.1 percent
and China Overseas Land fell 1.6 percent. Both fell to
their lowest close since Aug. 25.
Four Chinese cities have announced news restrictions on
property purchases in recent days as local governments try to
cool soaring home prices stoked by speculators in second- and
Snack food maker Want Want China and exporter Li &
Fung rose more than 2 percent.
(Reporting by Donny Kwok; Editing by Kim Coghill)