Shares in Hong Kong and the mainland soared soon after opening on Monday morning as traders cheered Beijing's raft of measures aimed at kickstarting the country's economy, particularly the property sector.

The Hang Seng Index rallied 3.14 percent to 21,280.

The Shanghai Composite Index jumped 5.54 percent to 3,259, and the Shenzhen Composite Index on the mainland's second exchange climbed 5.18 percent, to 1,828.

The People's Bank of China said on Sunday it would tell banks to lower mortgage rates for existing home loans before October 31, as part of a series of policies to support the property market.

It is expected to cut existing mortgage rates by about 50 bps on average.

Guangzhou announced on Sunday the lifting of all restrictions on home purchases, while Shanghai and Shenzhen said they would ease restrictions on housing purchases by non-local buyers and lower the minimum downpayment ratio for first homebuyers to no less than 15 percent.

The announcements follow a package of stimulus measures released on Tuesday, as central authorities attempt to boost consumer confidence and lift the economy. (AFP/Reuters)