Shares in Hong Kong developers rise as Asian markets rebound


Shares in Asia closed higher Friday, with Hong Kong's Hang Seng Index gaining 2.3 percent to close at 21,753 and Japan's Nikkei Index adding 1.5 percent, to end the day at 10,035. In China, the Shanghai Composite Index closed at 2,996 – up 1.2 percent.

In Hong Kong, shares in real estate developers soared. Billionaire Lee Shau-kee, who controls Henderson Land Development Co. (HLDVF), sold shares to buy more land in a bet that Hong Kong home prices will continue to rise despite the government's efforts to cool the market, according to Bloomberg. Henderson Land shot up 7.5 percent on the news.