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Hong Kong shares rose for the first time in four days, led by developers, by the optimism of China will relax policies to curb the growth of loans and recycling property prices.
China Resources Land Ltd., a developer controlled by the state rose 3.6 percent. Evergrande Real Estate Group Ltd., a Chinese developer, jumped 5.7 percent. BOC Hong Kong (Holdings) Ltd. gained 1.5 percent after the Hong Kong Economic Times said the bank's unit in the city are offering insurance policies yuan.
"The Chinese government has more reason to provide loans and property curbs after China showed possible signs of slower growth of the economy," said Steve Tse, research manager at BEA Union Investment Management Ltd in Hong Kong . "We advise investors to invest mainly in shares in Greater China and Southeast Asia. Even if China's economic growth is slowing, is still beating Western economies, as Asian equities should do well."
The Hang Seng advanced 1.4 percent to 20365.70 at the break at 12:30, stopping a three-day 2.3 percent drop.
The Hang Seng China Enterprises index of H shares of Chinese companies known as gained 2 percent, at 11536.47.
The Hang Seng index has fallen 6.9 percent this year, China's efforts to cool the housing market and the debt crisis of Europe dent confidence in a global economic recovery. Shares trade on the gauge at 13.5 times estimated earnings, according to Bloomberg data, down from 17.2 times at the beginning of the year.
All but five stocks rose in 43 Hang Seng Index constituents. Futures on the index rose 1.8 percent to 20 387.
Policy space
Falling home prices and slowing economic growth may give political leeway to adjust its policies after adjustment increased bank reserve requirements three times this year to curb loan growth and record asset bubbles. China's economic growth fell to 10.3 percent in the second quarter and industrial production cooled more than expected in June.
slower growth in China reveals a country's macroeconomic policies are working and that growth has been restored to "normal" wrote Yi Xianrong, a researcher at the Institute of Finance and Banking of the Chinese Academy of Social Sciences, in a commentary published in today's China Daily newspaper.
Land Resources of China rose 3.6 percent to HK $ 16.26. China Overseas Land & Investment SA, controlled by the Ministry of Construction of the nation, rose 3.2 percent to HK $ 16.60. Evergrande Real Estate rose 5.7 percent to HK $ 2.59.
The gain of 1.8 percent of the Hang Seng Property Index was the largest among the four industry groups followed by the Hang Seng index.
"Relaxation"
China will "step back" in their policies of adjustment in the housing market in three months because the economy faces a greater risk of a slowdown in inflation, in accordance with International Strategy & Investment Group.
"We expect Beijing to relax in their credit restrictions and implement a series of initiatives with the supply to increase the amount of housing for homebuyers in low and middle income," wrote Donald Straszheim, senior managing director of research China in the ISI, in a note to clients.
Morgan Stanley also said China's policy cycle has crafts and investors may see a softening "visible" in the tone of government policy in the third quarter.
BOC Hong Kong, a third unit of China's largest bank by market value, rose 1.5 percent to HK $ 19.04. China Life Insurance Co., the nation's No. 1 insurer, rose 2 percent to HK $ 33.80.
The two companies introduced yuan insurance policies through its units in the city, the Hong Kong Economic Times, citing the companies. This came after the central banks of Hong Kong and China signed agreements yesterday to ease restrictions on yuan transfers between banks and enterprises in the city, and agreed that the city will have no restrictions on the transfer of deposit holders yuan in cash to buy wealth management.
BYD Co. rose 3 percent to $ 49.70 in Hong Kong after the automaker backed by Warren Buffett said a government investigation into a possible illegal use of land in Shaanxi province have no "material impact side "in their business today.