Hong Kong stocks rose to a four-week high on Monday, helped by a jump in technology shares and a rebound in property plays.
** The Hang Seng index rose 1.1%, to 23,746.54, while the China Enterprises Index gained 1.6%, to 8,365.37.
** The Hang Seng Tech Index rose for the third consecutive session, up nearly 2.2%.
** The index has gained more than 7% from record lows hit last Thursday, as some investors think the sell-off in Chinese tech shares fuelled by concerns over Beijing's crackdown is overdone. ** Property shares rose to a four-week high, led by developer Shimao Group Holdings.
** Shimao surged 19% after Caixin reported the developer has put on sale all of its real estate projects, including both residential and commercial properties, to accelerates asset disposals.
** The gain was also aided by market talks that the government is asking some state-owned developers to provide liquidity to cash-strapped private real estate companies including Shimao.
** Shares of rival Longfor Group Holdings also rose, after the developer proposed to spin off and separately list its unit Longfor Intelligent Living Ltd.
** China Life Insurance Co fell 1.6% in Hong Kong. The Central Commission for Discipline Inspection (CCDI), China's anti-corruption watchdog, said on Saturday it had placed China Life Chairman Wang Bin under investigation.
** Citi analysts said the news could "cast a shadow" over China Life's share price, as "investors may have concerns over the insurer's corporate governance as well as potential business disruptions brought by the chairman change".
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