December 10, 2012 / 8:08 AM / in 5 years

Hong Kong shares hover near 16-month high on China hopes

HONG KONG, Dec 10 (Reuters) - Hong Kong shares rose on Monday, led by China-related stocks, as hopes of an economic revival encouraged investors to load up on mainland-related property, banking and resource businesses.

The Hang Seng index climbed 0.4 percent to 22,276.72. The China Enterprises index rose 0.7 percent, outpacing gains in other Asian benchmarks.

In China, the CSI300 of top Shanghai and Shenzhen listings gained 1.1 percent to 2,271.05. The Shanghai Composite also closed up 1.1 percent, taking it to 2083.77.

HIGHLIGHTS:

* Chinese property shares were among leading gainers on the day as investors continued to buy into one of this year’s strongest performing sectors in Hong Kong.

China Resources Land rose 2.1 percent. Monday’s climb brought its 2012 gains to 73 percent compared with 20.8 percent for the Hong Kong benchmark.

* Among China-related resource plays, Maanshan Iron and Steel moved up 7.6 percent and was the top performer on the China Enterprises index.

* Energy shares continued their recovery led by CNOOC as a major overhang in the form of regulatory approval for its $15.1 billion bid for Canada’s Nexen was removed over the weekend.

CNOOC rose 1.1 percent. The China oil major’s shares have recovered from the slump in August following its Nexen bid and are currently at their highest since May.

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