Asian stocks climbed to a six-year high after the Federal Reserve said interest rates will remain low for some time as U.S. growth rebounds, and Premier Li Keqiang pledged to meet China’s target for economic expansion.
A gauge of Chinese shares traded in Hong Kong posted its biggest decline in six weeks amid concern a property-market slowdown will curb economic growth and as a slump in mainland-listed equities weighed on sentiment.
Wheelock & Co., controlled by the family of billionaire Peter Woo, beat 11 rival developers to win a Hong Kong site for residential development as the government speeds up land sales to boost housing supply.
Emerging-market stocks posted a fourth weekly gain as Indian shares rallied on optimism the new prime minister will take steps to spur growth. The ruble jumped as Russia said it would work with Ukraine’s next president.
China’s stocks rose, sending a gauge of real-estate companies to the biggest gain in a month, on speculation the government is easing property curbs to prevent the economy from missing its growth target for this year.
Hong Kong stocks swung between gains and losses as Chinese developers climbed amid speculation the nation will remove restrictions on home purchases, while China Mobile Ltd. weighed on the benchmark index.