HSI Opens 11 pts Up; SUNAC Spikes 10%

Hong Kong stocks opened higher in the morning. $Hang Seng Index (800000.HK)$ opened 11 points or 0.06% higher at 17,942. $Hang Seng China Enterprises Index (800100.HK)$ opened 4 points or 0.08% higher at 6,214. $Hang Seng TECH Index (800700.HK)$ opened 6 points or 0.16% higher at 3,993.

Property stocks were boosted by a report that China intends to set up a special loan programme for the transformation of urban villages. $CHINA JINMAO (00817.HK)$ and $SINO-OCEAN GP (03377.HK)$ opened 2.7% and 3.6% higher. $COUNTRY GARDEN (02007.HK)$ started 1.9% higher at $1.06 after the extension proposal for one of its domestic bond was reportedly approved.

$SUNAC (01918.HK)$ shares opened hiking 10% at $3.08 after its overseas debt restructuring plan was approved by a majority of creditors. $EVERGRANDE (03333.HK)$ shares opened elevating 6.6% at $0.65 after clarification that the criminal coercive measures taken against management personnel of Evergrande Wealth will not hinder operations.