Hong Kong shares rise as property, tech stocks gain

Hong Kong shares closed more than 1% higher on Tuesday, driven by gains in the real estate and technology sectors, while energy stocks jumped on higher underlying commodity prices. ** Chinese technology executives, facing a crackdown by the authorities, pledged support on Sunday for Beijing's "common prosperity" drive and to help smaller companies. ** The energy sub-index surged 5.2% amid high power prices.

Hong Kong shares closed more than 1% higher on Tuesday, driven by gains in the real estate and technology sectors, while energy stocks jumped on higher underlying commodity prices. The Hang Seng index rose 1.2%, to 24,500.39, while the China Enterprises Index gained 1.6%, to 8,720.30.

** The Hang Seng Property Index and the Hang Seng Mainland Properties Index added 2.8% and 6.4%, respectively. ** China's central bank vowed to protect consumers exposed to the housing market on Monday and injected more cash into the banking system.

** The Shenzhen government began investigating the wealth management unit of ailing developer Evergrande, in the clearest sign yet the authorities could move to contain contagion risks. Evergrande shares rose 4.7%. ** Hong Kong banks have limited exposure to stressed Chinese developers, a top executive at the Hong Kong Monetary Authority said.

** Sunac China Holdings Ltd jumped more than 14% as it clarified reports, saying the group's construction projects and operations across the country are normal and sales have been good. ** The Hang Seng Tech Index gained 2.1%, with e-commerce giant Alibaba Group jumping 6.3%.

** Alibaba has begun offering payment services from Tencent Holdings Ltd's WeChat on a number of its apps after the government ordered major tech firms to stop blocking each other's services and links. ** Chinese technology executives, facing a crackdown by the authorities, pledged support on Sunday for Beijing's "common prosperity" drive and to help smaller companies.

** The energy sub-index surged 5.2% amid high power prices. The coal shortage in China has led to power cuts across households and industrial sectors and triggered concerns over its growth outlook.