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Bets are growing that authorities will take more action to stem a property slump ahead of the twice-a-decade Communist Party congress mid-October.

Prosus NV is planning to sell more of its US$134 billion stake in Chinese Internet giant Tencent Holdings Ltd (騰訊) to finance a buyback program, reversing a pledge to hold on to the full shareholding despite regulatory uncertainty. Tencent yesterday erased earlier gains in Hong Kong as investors pondered the extent to which Prosus, the Chinese company’s biggest shareholder, will unload its stock. The shares fell as much as 2.5 percent and closed 1.56 percent lower. “We will keep selling Tencent shares to buy back our own shares,” Prosus chief executive officer Bob Van Dijk said in an...

Chinese tech shares advanced as Beijing’s renewed pledge to step up growth lured back some buyers after weeks of intense selling. The Hang Seng Tech Index closed up 2.9 percent yesterday, rebounding from the lowest in more than a month. A rally in other equity gauges across China and Hong Kong lost steam during the day as traders remained cautious over whether the vows would bear fruit. Yesterday’s market fluctuations came after fresh policy promises to boost consumption and end a regulatory crackdown on major tech companies as soon as possible. Traders are uncertain about the sustainabili...