Hong Kong Stocks Rise for 5th Day in Year's Longest Win Streak

Hong Kong stocks rose for the fifth straight day in the year's longest winning streak after Sun Hung Kai Properties Ltd. sold more than 500 apartments this weekend and China said it would subsidize consumer spending.

Sun Hung Kai, the city's No. 2 developer by market value, advanced 1.5 percent. Sino Land Co. jumped 7.7 percent after existing home sales increased. Haier Electronics Group Co., an appliance maker, soared 56 percent after China said it will expand a plan to subsidize appliance purchases. Hong Kong Exchanges & Clearing Ltd., the operator of the city's bourse, climbed 4.9 percent on speculation a market recovery will boost trading volume and income.

"No doubt there is plenty of cash ready to come into the market," said Lewis Wan, chief investment officer at Pride Investment Group Ltd. in Hong Kong, which oversees $200 million. "The market has already bottomed out."

The Hang Seng Index added 220.60, or 1.6 percent, to close at 14,108.84, extending its increase in the past five sessions to 13 percent. The five-day gain was the longest winning streak since a seven-day period ended Dec. 6, 2007. The Hang Seng China Enterprises Index, which tracks so-called H shares, rose 2.6 percent to 7,391.69.