HK stocks advance 2.2 pct on China stimulus hopes

* Chinese enterprises lead gains on hope of stimulus package

* Power stocks fall on profit-taking after tariff hike

* Property stocks firm ahead of Cheung Kong results (Updates to close)

HONG KONG, Aug 20 (Reuters) - Hong Kong shares recovered from early losses with the benchmark index surging 2.18 percent on Wednesday amid hopes of a stimulus package to aid fragile mainland stock markets, bucking weak sentiment in the region.

Chinese finance and insurance stocks advanced, with China Life (2628.HK: Quote, Profile, Research, Stock Buzz) jumping 4.3 percent, China Construction Bank (0939.HK: Quote, Profile, Research, Stock Buzz) up 3.6 percent and ICBC (1398.HK: Quote, Profile, Research, Stock Buzz) up nearly 3 percent.

"Finally we have a much-needed rebound after several days of selloffs," said Andrew To, sales director of Tai Fook Securities.

"If the Chinese government actually comes out with some concrete moves to stablise the market, I would expect the strong rebound to continue over the next few days."

"The market need to rebound to the important benchmark of 22,000 before sentiment can recover."

China's leaders are carefully considering an economic stimulus package of 200 billion yuan ($29.13 billion) to 400 billion yuan and may ease monetary policy by the end of the year, investment bank JPMorgan Chase said on Tuesday.

The Hang Seng Index .HSI closed 446.89 points higher at 20,931.26 points.

The China Enterprises Index .HSCE of top locally-listed mainland surged 4.34 percent, tracking a more than 7 percent rise in China's Shanghai benchmark index .SSEC.

Mainboard turnover rose to HK$62.3 billion ($8.0 billion) from HK$48.5 billion on Tuesday.

However, power stocks fell after Beijing announced its second power tariff hike in two months, prompting investors to take profits. Huaneng Power (0902.HK: Quote, Profile, Research, Stock Buzz) (600011.SS: Quote, Profile, Research, Stock Buzz) (HNP.N: Quote, Profile, Research, Stock Buzz), China's top electricity provider, fell 4.5 percent, while smaller rival Huadian Power (1071.HK: Quote, Profile, Research, Stock Buzz) (600027.SS: Quote, Profile, Research, Stock Buzz) fell nearly 10 percent.

China is raising on-grid power tariffs for thermal generators by 0.02 yuan per kilowatt hour, or about 5 percent, the second rise in less than two months, the government said on Tuesday, as Beijing seeks to ease the worst power crisis in four years.

Property stocks were firm ahead of Cheung Kong's (0001.HK: Quote, Profile, Research, Stock Buzz) first half earnings on Thursday. Cheung Kong rose nearly 2 percent to HK$104.00, while Hong Kong's largest property developer, Sun Hung Kai Properties (0016.HK: Quote, Profile, Research, Stock Buzz), gained 0.87 percent. Sino Land (0083.HK: Quote, Profile, Research, Stock Buzz) also rose 3.2 percent.

Tsingtao Brewery Co Ltd (0168.HK: Quote, Profile, Research, Stock Buzz) soared 7.6 percent after China's best-known beer brand posted a 41.9 percent rise in first-half profit despite soaring raw material prices. Merrill Lynch later upgraded Tsingtao (600600.SS: Quote, Profile, Research, Stock Buzz) to buy from underperform after the better-than-expected interim results.  Continued...