Hong Kong stocks soared 6 percent on Wednesday morning, led by another advance in developers after China last week unveiled a raft of measures to boost its economy, particularly the troubled property sector.

At noon break, the Hang Seng Index climbed 1,268 points to 22,401, breaking above the 22,000 level for the first time since February 2023.

The index reached as high as 22,640.

Half-day turnover was robust at HK$235.4 billion.

Traders in the city and mainland bourses have been rushing to snap up stocks since China last week began unveiling a raft of measures aimed at kickstarting the country's struggling economy, with an emphasis on the real estate sector.

Developers led the rally in Wednesday's surge, with Sunac China Holdings and Kaisa Group each up more than 40 percent and Agile Group surging more than 70 percent higher.

Tech firms were also well bought, with e-commerce giant JD.com rallying close to 12 percent, Meituan piling on more than 14 percent and Alibaba up 6 percent.

"I think the fact that we've seen so much turnover on Monday, that a lot of people are taking credence from that as a reason to certainly look at the property stocks again. And of course, we've had more news about more relaxation," Andrew Sullivan, founder of Asian Market Sense, told RTHK.

"I think there's generally a feeling of euphoria. Whether it carries through for long, I'm not sure. But certainly at the moment, people are prepared to ride that wave."

Markets in Shanghai and Shenzhen were closed for a week-long holiday.

Sullivan added that consumption data during the National Day Golden Week holiday on the mainland is something investors should watch out for moving forward. (Additional reporting by AFP)