Real estate stocks lead Hong Kong stocks higher on Evergrande insurance

September 23 (Reuters)Hong Kong stocks closed higher on Thursday, with assurances from debt-laden developer China Evergrande Group to lift real estate stocks as markets resumed after a holiday.

The Hang Seng Index .HSI rose 1.2% to 24,510.98, while the index of Chinese enterprises .HSCE gained 1.1%, to 8,733.73.

** China Evergrande 3333.HK climbed to 30% in morning trading and ended up 17.6%.

** Evergrande said it held an internal meeting on Wednesday evening, urging company executives to ensure quality delivery of properties and buyout of wealth management products.

** Evergrande said he had “resolved” a coupon payment due Thursday, but did not give more details, which is unclear what that means for $ 83.5 million in payments of bond interest due on the day.

** The Hang Seng Mainland Property Index .HSMPI jumped 8.1%, while the Hang Seng real estate index .HSNP was up 4.6%.

** Property management service provider Country Garden Services Holdings 6098.HK jumped 12.7%, the biggest daily gain in the Hang Seng Index.

** Given the high level of liquidity in the offshore market and strong inflows, sentiment should gradually recover after the noise from Evergrande subsides, and politics may ease as well, Nomura said in a note.

** The Hang Seng Technology Index .HSTECH increased by 0.9%. The giants of Meituan technology 3690.HK and Tencent Holdings 0700.HK increased by 5.2% and 2.9% respectively.

** Alibaba Group 9988.HK fell 0.2% after saying the company started sending its consumer credit data to a database maintained by China’s central bank.

** A sub-index listing energy stocks .HSCIE gained 2.5%.

(Reporting from the Shanghai Newsroom; Editing by Subhranshu Sahu)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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