Hong Kong shares climb to 3-week high

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Hong Kong - Hong Kong shares closed at their highest in nearly three weeks on Wednesday, thanks to strength in the Chinese property sector and robust trade data that soothed worries about growth in the world's second-largest economy.

The Hang Seng Index ended up 1.5 percent at 22,285.8 points, while the China Enterprises Index of the leading offshore Chinese listings rose 1.4 percent.

Both finished at their highest closing levels since January 24.

The value of China's exports in January climbed 10.6 percent from a year earlier, the Customs Administration said, more than five times market forecasts for a 2 percent rise.

Imports jumped 10 percent, compared with an expected 3 percent, as China bought record volumes of iron ore, crude oil and copper.

Inflation data is due on Friday, plus money supply and loan growth by Saturday.

China Overseas Land surged 7.5 percent, leading gains for Chinese property counters after the official Shanghai Securities News on Wednesday cited data from a property research firm saying combined land sales revenue in Beijing, Shanghai, Guangzhou and Shenzhen jumped 140 percent in January from a year earlier.

Cheung Kong Holdings climbed 2 percent after the Hong Kong developer announced 2014 sales targets of HK$30 billion ($3.87 billion) for Hong Kong and 10 billion yuan ($1.65 billion) for China. - Reuters


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