China stocks rise as economy recovers, realty shares jump

China stocks rose on Monday even as banks kept their lending benchmarks unchanged, with real estate developers leading the gains as property sales recovered after supportive measures buoyed demand.

China stocks rose on Monday even as banks kept their lending benchmarks unchanged, with real estate developers leading the gains as property sales recovered after supportive measures buoyed demand. The CSI300 index rose 0.7% to 4,339.65 at the end of the morning session, while the Shanghai Composite Index was unchanged at 3,317.69.

The Hang Seng index added 0.2% to 21,109.16. The Hong Kong China Enterprises Index gained 0.1% to 7,373.33. ** China stood pat on its benchmark lending rates for corporate and household loans, as expected, on Monday, with global central banks' rate increases making it tough for Beijing to stimulate a weak domestic economy by lowering rates.

** Meanwhile, U.S. President Joe Biden's administration is reviewing the removal of some tariffs on China, two top officials said on Sunday. ** The CSI300 Real Estate Index gained 2.1%, while the Hang Seng Mainland Properties Index jumped 5.6%.

** Nomura said property sales across 30 cities recovered quickly last week, with four top-tier cities recording 20%-30% volumes higher than a year ago, and second-tier cities 30% on average. ** New energy firms added 2.4%, and tourism jumped 3%.

** However, energy shares tumbled 5.5%, with coal miners down nearly 6%. A fire killed one person at a Sinopec Shanghai Petrochemical Co plant in Shanghai on Saturday, sending the company's shares down nearly 4%. ** "In the long run, (we) should remain cautious about overseas shocks (mainly recession pressure and debt risks in the second half of this year), while the performance of A-shares will eventually depend on domestic fundamentals," said Guosheng Securities in a note.

** Tech giants listed in Hong Kong edged down 0.5%, with NetEase slumping 7.7% as the company delayed the rollout of its video game Diablo Immortal in China three days ahead of its official launch.