China stocks rise as property firms gain on policy easing signs

** The CSI Tourism index rose nearly 3%, while the CSI Entertainment Index gained about 2%. ** Meanwhile, shares of Chinese companies controlled by Zhongzhi Enterprise Group founder Xie Zhikun rebounded sharply, after plunging in the previous session on the tycoon's death.

China stocks rose on Tuesday, with property shares leading gains amid growing signs of policy easing, while tourism-related companies rebounded as fears over the Omicron COVID-19 variant eased. ** The blue-chip CSI300 index rose 0.7% to 4,913.49, while the Shanghai Composite Index gained 0.9% to 3,625.13 points.

** The CSI300 Real Estate Index jumped more than 4% to a two-month closing high, having rebounded almost 20% from its November low. ** Sentiment in the sector was bolstered by growing signs of government support, as Beijing seeks to prevent a contagion from financial woes at China Evergrande Group and several other heavily indebted developers.

** China should "give more prominence to stabilising growth", He Lifeng, head of China's state planner, said in an article on Tuesday, a day after China cut its benchmark lending rate. ** China is urging large private and state-owned property companies to acquire real estate projects from troubled developers, the official China Securities Journal reported on Monday.

** Meanwhile, travel-related stocks rose, as concerns over the virus outbreak eased. China reported 81 new confirmed coronavirus cases for Dec. 20, down from 102 a day earlier. ** The CSI Tourism index rose nearly 3%, while the CSI Entertainment Index gained about 2%.

** Meanwhile, shares of Chinese companies controlled by Zhongzhi Enterprise Group founder Xie Zhikun rebounded sharply, after plunging in the previous session on the tycoon's death. ** The eight China-listed companies controlled by Xie, including education firm Dalian My Gym Education Technology Co Ltd and Xinjiang Zhundong Petroleum Technology Co , all rebounded. ($1 = 6.3742 Chinese yuan renminbi)

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