Chinese policy makers are scratching their heads after a raft of measures meant to cool the country's red-hot real estate market seem to have done little to accomplish their aim. Rising property shares sent Hong Kong's Hang Seng Index up 1.3% Friday, while China's Shanghai Composite Index fell 0.9%, and in Japan the Nikkei 225 Index inched up 0.1%.
Positive earnings outlooks among some of Japan's major companies continued to boost investor sentiment. Japan's Nikkei 225 Index added 0.4% to close at 10,636. Hong Kong's Hang Seng slid 0.3% to end the day at 23,484. Markets in China remained closed for Chinese New Year.
There are warning signs that Hong Kong property prices have hit their peak, and today real estate firms dragged the Hang Seng index lower. Despite the drum beats of the lion dancers specially booked to celebrate Chinese New Year and "guaranteed" to bring prosperity to every business they visit, this year may prove a tough one for Hong Kong developers.
Markets in Asia were mixed Tuesday. In Hong Kong the Hang Seng Index rose 1% to 23,760 and in China the Shanghai Composite Index crept up 0.4% to 2,804. In Japan the Nikkei 225 Index inched down 0.3% to 10,511 upon returning from a long weekend.
Shares closed lower in Asia on Monday. In China the Shanghai Composite fell 1.7% to 2,792 and in Hong Kong the Hang Seng Index dropped 0.7% to 23,527. Markets in Japan were closed in celebration of Coming of Age Day.
Asian markets were mixed Monday. In Japan the Nikkei 225 Index rose 1.1%, helped by new numbers showing the nation's economy outpaced economists' predictions and grew more than expected in the third quarter. In China the Shanghai Composite Index advanced 1% and Hong Kong's Hang Seng Index slid 0.8%.
