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Hong Kong stocks post gains, boosted by real estate easing in Shanghai, China’s $47.5 billion chip fund

Alibaba Health Information Technology rose 11 percent to HK$3.42 after net profit for the financial year ending in March rose 65 percent from a year ago.

A city view of Shanghai, East China. It became the first city to implement easing measures after China unveiled a sweeping property market rescue plan earlier this month. Photo: Xinhua
Shanghai, China’s largest commercial city, will reduce the down payment ratioMortgage interest rates will be reduced, while subsidies will be offered to home buyers and families with multiple children will be given the opportunity to buy a home from Tuesday, the city government said on Monday. It became the first city to implement easing measures after China unveiled a sweeping property market rescue plan earlier this month.

China Vanke added 1.3 percent to HK$6.20 after the debt-ridden Chinese property developer sold an unfinished project for 2.24 billion yuan ($309 million) and injected much-needed liquidity into its operations.

Other major Asian markets were mixed. Japan’s Nikkei 225 fell 0.2 percent and Australia’s S&P/ASX 200 lost 0.1 percent, while South Korea’s Kospi rose 0.2 percent.

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