Hong Kong shares continued to rise as authorities began taking steps to support the economy, including lowering taxes on property sales and planning supportive measures for foreign and domestic investors.

Chinese officials have also reassured Wall Street executives of more capital market reforms and the release of the central bank's benchmark lending rate.

The Hang Seng Index rose 0.21 percent, or 41.34 points, to close Wednesday at 19,705.01. The Hang Seng China Enterprises Index rose 0.12 percent, or 8.65 points, to close at 7,090.86.

Chinese government officials have vowed to further open up the country's markets to foreigners "to share in the success of China's economic development," Zhu Hexin, deputy governor of the People's Bank of China and head of the State Administration of Foreign Exchange, was quoted as saying by Reuters.

China Securities Regulatory Commission Chairman Wu Qing said the government would also make it easier for investors in the country by taking supportive measures.

China kept its benchmark lending rates unchanged in November, according to filings Wednesday with the National Interbank Funding Center. The one-year lending rate remained at 3.1%, while the rate on loans over five years was unchanged at 3.6%.

To support China's property market, Beijing will lower taxes on larger home transactions, effective Dec. 1, by eliminating the distinction between regular and non-regular housing, state-run media reported.

Meanwhile, Hong Kong is expected to surpass Switzerland as the world's largest cross-border wealth management center by 2027, according to a Sunday press release by Invest Hong Kong. The city is the largest cross-border wealth management center in Asia, after Switzerland, according to the Hong Kong government's agency in charge of foreign direct investment.

Source: Bloomberg