HK shares end up 0.5 pct after Greece vote, property drags

HONG KONG Feb 13 (Reuters) - Hong Kong shares closed slightly higher on Monday as the passage of a Greek austerity bill lifted appetites for risky assets across Asia, although Chinese developers underperformed on concern that their sharp year-to-date rally is looking overdone.

The Hang Seng Index finished up 0.5 percent at 20,887.4, holding below 21,000, a level at which it faltered four times last week and that also represents the index's 250-day moving average.

On the mainland, the Shanghai Composite Index ended flat at 2,351.85, dragged down primarily by the property sector after reports that the city of Wuhu in Anhui province had rolled back housing subsidies announced last week.

HIGHLIGHTS:

* China Yurun Food Group Ltd, one of the most heavily traded stocks on Monday, lost about a fifth of its value after the Chinese meat processor warned of a sharp decline in 2011 profit, triggering broker downgrades. The decline wiped out about two-thirds of the stock's gains since its December low.

* Chinese developers suffered a bout of profit-taking after last week's big rally. Traders and analysts said the trigger was a news report that the city of Wuhu in Anhui province had rolled back housing subsidies announced just last week. The move was taken as a sign that Beijing was not going to loosen its stance on property prices any time soon despite selective easing in other sectors. Evergrande Real estate Group Ltd, which has more than doubled since an October 2011 low, lost 6.9 percent. China Overseas Land & Investment Ltd fell 4.8 percent.

* Chinese brewers including China Resources Enterprise Ltd and Tsingtao Brewery Co Ltd are among potential suitors eyeing bids for the brewery operations of Hong Kong-listed Kingway Brewery Holdings Ltd, a source familiar with the matter told Reuters on Monday. Kingsway Brewery shares rose 6.8 percent to the highest close in more than three years.

* Top aluminium producer United Company RUSAL Plc said on Monday that it expected more companies to cut aluminium output this year, with China accounting for about a third of global cuts, but still forecast that global output would top demand. Shares of the company fell 2.7 percent. (Reporting by Vikram Subhedar; Editing by Chris Lewis)