* Shanghai gains 1.3 pct; Hong Kong up 0.13 pct
* Turnover picks up in China, falls to 2-month low in HK
* Exporter Li & Fung surges to a record high (Updates to close) By Jun Ebias and Farah Master
HONG KONG/SHANGHAI, Nov 25 (Reuters) - Shares in China rose on Thursday as banks and property counters rebounded, while exporter Li & Fung Ltd outperformed in Hong Kong on signs that U.S. consumer spending is picking up.
Shanghai's main stock index closed 1.3 percent higher, while Hong Kong's Hang Seng index edged up 0.1 percent.
Overall, however, the mood remained cautious as investors awaited China's next policy moves aimed at cooling inflation. Some dealers said they expected an interest rate rise this week.
A number of initial public offerings and dollar debt sales in Asia have been delayed because of bearish sentiment in recent days. Profit taking after a strong rally in recent months has also robbed broader markets of upward momentum, with investors reluctant to stake out fresh positions so close to the year end.
"This is only a technical rebound, much larger jumps are unlikely. Property and bank shares have fallen far too much in the past month," said Wen Lijun, analyst at Nanjing Securities.
The Shanghai Composite Index closed at 2,898.3 points, rising above its 250-day moving average, now at 2,884, for the first time in three sessions.
Large-cap financials and property plays, which had been hit over the past week by fears of more monetary tightening steps, rebounded after the central bank auctioned three-month and three-year bills at unchanged yields on Thursday, easing fears of further monetary tightening.
The central bank is also poised to inject a net 54 billion yuan ($8.1 billion) into the banking system this week, stepping back from weeks of liquidity tightening including bills sales and bank reserve requirement increases.
Automaker Lifan Industry jumped 23.2 percent at its trading debut as investors were optimistic China's booming economy would raise demand for cars and motorcycles.
Banks were the most actively traded stocks. China Everbright Bank Co Ltd gained 4.5 percent after saying it planned to buy a trust firm. [ID:nBJD000119]
But Industrial and Commercial Bank of China Ltd fell 0.7 percent, after a 10 percent drop on Wednesday when the world's largest lender resumed trading following a rights issue and played catch-up with the recent market decline.
Shanghai's property sub-index gained 2.3 percent with top developer China Vanke Co Ltd up 4 percent.
Retail investors also bought airlines on expectations a strong yuan would cut costs of imports such as aircraft purchases. Air China Ltd jumped 4.2 percent and China Southern Airlines Co Ltd rose 3.1 percent. In Hong Kong, China Southern Air rose 1.5 percent.
LI & FUNG SHINES IN SLUGGISH HONG KONG
Hong Kong shares ended marginally firmer at 23,054.68 but sentiment remained fragile, as shown by the deferment of more than $3 billion worth of proposed initial public offerings or IPOs. [ID:nTOE6AN01S]
"Usually, if there is a lot of hot money coming to Hong Kong, these IPOS should be doing well," said Belle Liang, research head at Core Pacific-Yamaichi. "IPOs are being delayed or withdrawn because of lacklustre demand."
Turnover dropped to HK$74 billion ($9.5 billion), the lowest in two months and well below the daily average $103 billion for the month.
Dealers expect the bearish tone to persist until some hurdles have been cleared, including a further rate rise in China.
In another sign of bearish sentiment, Hongkong Electric Holdings Ltd put off pricing its 10-year dollar bond until next week, while other Chinese borrowers were monitoring the market.
One of the more actively traded stocks, consumer goods exporter Li & Fung Ltd , rose 5.2 percent to a record high, spurred by an improving outlook for the U.S. economy and optimism about year-end holiday spending. [ID:nN24211131]
United Company RUSAL Ltd gained 3.6 percent. The world's top aluminium maker by output said it planned to buy a 33 percent stake in a Chinese aluminium trader to improve sales and strengthen its market position in China. [ID:nTOE6AN065] (Editing by Kim Coghill)
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