Hong Kong Market rebounds from 22-month low

Hong Kong stock market finished session higher on Tuesday, 21 December 2021, snapping two days of losing streak, on growing signs of Chinese government support measures after Beijing urged large private and state-owned property companies to acquire real estate projects from troubled developers.

At closing bell, the benchmark Hang Seng Index rebounded 1%, or 226.47 points, to 22,971.33. The Hang Seng China Enterprises Index added 1.23%, or 98.73 points, to 8,141.47.

Real estate stocks advanced amid growing signs of marginal policy easing by Beijing to prevent a hard landing of the sector after government urged large private and state-owned property companies to acquire real estate projects from troubled developers. Shares of Fantasia Holdings Group Co closed higher after the Chinese developer said certain bondholders have agreed to a payment delay.

 

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. Live-streaming platform operator Bilibili tumbled 4.2%, while Alibaba Group, which owns e-commerce Taobao Live platform, slipped 0.5%.

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