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China shares extend gains, CSI300 jumps more than 4 percent

Source : REUTERS
Last Updated: Thu, Jul 11, 2013 05:20 hrs

HONG KONG, July 11 (Reuters) - China shares extended gains in afternoon trade on Thursday, lifting Hong Kong markets, after official media reported financing rules may be partially relaxed for real estate firms.

At 0511 GMT, the CSI300 of the leading Shanghai and Shenzhen A-share listings was up 4.3 percent, on track for its biggest single day gain since Dec. 14 if gains hold. The Shanghai Composite Index spiked 3 percent.

The Hang Seng Index was up 2.5 percent, while the China Enterprises Index of the top Chinese listings in Hong Kong soared 3.8 percent.

The official China Securities Journal reported on Thursday that authorities may, subject to certain conditions, relax rules on financing for listed-real estate developers, citing unidentified industry players.

With the property sector affecting 40 other industries in the world's second-largest economy, investors interpreted the article as a form of policy easing that lifted other cyclical sectors too.

Ahead of June money supply and loan growth data due by July 15, the official Shanghai Securities News reported that new local currency yuan loans extended by China's big four state-owned banks stood at an unusually large 170 billion yuan ($27.7 billion) in the first week of July.



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