Real estate firms to get overseas chance

China will adjust and improve policies for real estate firms to list overseas, the China Securities Regulatory Commission said in a statement yesterday, as part of a series of efforts to support property firms in raising funds.

It will also allow resumption of mergers and acquisitions of listed property firms and allow refinancing for these firms as well as property related firms, it said.

Meanwhile, stock markets fell amid growing protests against tight Covid curbs and a record number of infections in China. Hong Kong's benchmark Hang Seng Index once lost over 700 points in morning trading before clawing back some losses and ending the day at 17,297.94 points, 275 points lower than last Friday's close, while the Shanghai Stock Exchange Composite Index declined 0.75 percent to 3,078 points.

In Hong Kong, telecom equipment manufacturer ZTE (0763) slid 4.23 percent to HK$15.38 after the United States barred it and Huawei from local sales while Li Auto (2015) slumped 5 percent after announcing a delay in the delivery of two models of electric vehicles amid the interrupted supply of components.

But shares of the six incumbent Macau casino companies rose yesterday with MGM China (2282) up 13.06 percent to HK$4.76 and Wynn Macau jumping 15.14 percent to HK$5.02.

In other news, Hong Kong Exchanges and Clearing (0388) launched Hang Seng Tech Index Futures Options yesterday, offering a trading fee discount and a commission exemption from the securities regulator for six months.