Hong Kong shares up 0.7%, retailers strong

Hong Kong shares rose on Wednesday, helped by an improving global economic outlook, with retailers gaining ground after strong sales figures from cosmetics firm Sa Sa International Holdings and Italian fashion house Prada SpA.

The Hang Seng Index closed up 0.7% at 23,307.41. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.4 percent.

The Shanghai Composite Index ended up 0.6% at 2,397.17. The CSI300 of the top Shanghai and Shenzhen A-share listings gained 0.6%.

Retailers rose as consumer sentiment in China improved. Sa Sa International Holdings rose 7.9% to a record high, while Bonjour Holdings, a smaller rival of Sa Sa, rose 5.2%. Italian fashion house Prada SpA rose 3.3%.

A decline in China's real estate sector was milder than in previous sessions after Standard & Poor's said it did not expect Beijing to drastically tighten or loosen its controls over the industry this year. In Hong Kong, China Resources Land lost 0.2%, while China Overseas Land fell 1.1%. China Vanke, China's largest property developer by sales, rose 2.1% in Shenzhen.