Hong Kong Market extends gain

Hong Kong share market finished session higher on Monday, 20 June 2022, as risk appetite remained upbeat on speculations that China will roll out more policies to revive its ailing property sector.

At closing bell, the benchmark Hang Seng Index increased 88.91 points, or 0.42%, to 21,163.91. The Hang Seng China Enterprises Index was up 31.92 points, or 0.43%, to 7,399.60.

Expectations of further stimulus measures grew after various local governments in China launched a slew of incentives to spur property sales amid a downturn in the real estate market. Meishan, a city in Sichuan Province, is offering subsidies for new home purchases. Wenzhou, a city in Zhejiang Province, will now allow interest-only repayments on the first three years of mortgages.

 

Authorities at Huainan, a city in Anhui Province, ordered banks to shorten the loan approval process, as well as bring down mortgage rates and down payment requirements for first-time home buyers.

Shares of Huaneng Power advanced nearly 10% after the electricity producer said it will apply for the voluntary delisting of its American depositary shares from the New York Stock Exchange.

Netease shares skidded 6.7% after the firm announced a delay to the release of its eagerly anticipated video game Diablo Immortal in China, just days before it was expected to launch officially.

Shares of Alibaba fell 0.1% after reports that China's central bank has accepted Alibaba-affiliate Ant Group's application to form a financial holding firm, reviving hopes for a potential public listing for Ant.

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