Hong Kong shares once topped the 28,000-point level before paring some gains at close on Thursday, extending the rally after hitting a four-and-a-half-year high from the previous day.
The benchmark Hang Seng Index rose 141 points, or 0.51 percent, to 27,968, with the full-day turnover at HK$331.9 billion.
The Hang Seng Tech Index edged down by 1 percent to 5,841.
Chinese property developers outperformed the market, with China Overseas Land & Investment (0688) and Longfor (0960) jumping nearly 6 percent respectively, as China reportedly dropped the "three red lines" policy over the property sector.
Zijin Mining advanced over 3 percent to a record high at HK$46.1 due to gold's blistering rally.
However, the laggard, Sands China (1928), dived nearly 8 percent after the Macau casino operator reported less-than-expected results.
Chipmakers also fell, with SMIC (0981) and Hua Hong Semiconductor (1347) declining nearly 3 percent and 5 percent, respectively.
In mainland China, the Shanghai Composite Index ended 0.16 percent higher at 4,157, while the Shenzhen Component Index went down 0.3 percent to 14,300.
