Hong Kong developers talk up real estate, China Citic surges 10%, Japan awaits rescue package


In Asia Friday China's Shanghai Composite Index rose 1.6%, closing at 3,317. In Hong Kong the Hang Seng fell 0.3% to end the day at 22,498 and in Japan the Nikkei Index closed at 10,023 -- a gain of 0.5%

In Hong Kong, influential property developers joined forces in putting a positive spin on the territory's growth potential as the chairman of Hang Lung Properties, Ronnie Chan, told Bloomberg that property was a "good bet." Earlier this week Henderson Land chairman Lee Shau-kee predicted a 10% rise in 2010 for the already overheated property market. Today Henderson Land (HLDVF) lost 2.3% and Hang Lung (HLPPY) gained 1.5% as investors contemplate whether prices are under control.