By Michael Kitchen
LOS ANGELES (MarketWatch) -- Hong Kong stocks shot higher in early Wednesday trading, following gains in Japan and the U.S., with property developers among the leading advancers. The benchmark Hang Seng Index HK:HANGSENG -0.12% added 0.9% to 24,212.9, while the Hang Seng China Enterprises Index was up 1.1% at 13,706.7. Real-estate shares posted strong early gains, with Henderson Land Development Co. HK:12 +1.22% HLDVF -0.15% rising 2%, Sun Hung Kai Properties Ltd. HK:16 +0.74% SUHJY +0.83% up 1.4%, and Hang Lung Properties Ltd. HK:101 0.00% HLPPF 0.00% ahead by 1.2%. Shares of China Telecom Corp. HK:728 -0.21% CHA -0.70% climbed 1.5%, as stock in rival China Unicom Hong Kong Ltd. HK:762 -2.67% CHU -3.33% fell 3.3%, following disappointing earning results, and Hong Kong major PCCW Ltd. HK:8 -2.49% PCWLF +0.95% lost 0.6% after the stock exchange reportedly rejected plans for a spin-off of its telecoms unit. Shares on the Chinese mainland also rose, with the Shanghai Composite CN:SHCOMP -1.03% up 0.6% at 2,956.72.
