Hong Kong stocks edged higher on Thursday, trimming a weekly decline, as investors cheered signs of a rebound in China's property market.

The Hang Seng Index rose 1% by noon, paring its weekly loss to 0.4%. Real estate developers led the gains after data showed China's residential property sales for 30 major cities surged 22% last week from the previous seven-day period.

First-tier cities spearheaded the nationwide sales increase, with sales jumping 27% last week. This comes after nationwide sales soared 58% in the prior week. The rebound in China's property market has been fueled by a slew of supportive measures from policymakers since late September to bolster buyer confidence.

Lower U.S. Treasury yields, driven down by fading hopes for aggressive interest rate hikes and concerns over Donald Trump's presidential prospects, also boosted buying interest in Hong Kong stocks.