Fredrik Jacobson, Tony Johnstone, Gary Orr, Boonchu Ruangkit and Arjun Singh are all one shot back at 11-under-par 196.
Berendt, who won the Cannes Open in 2001, was four shots off the lead to start the day at Hong Kong Golf Club and collected four birdies on the front side to make the turn at 9-under.
The 38-year-old continued his fine play on the inward half with back-to-back birdies starting at the par-5 12th. Berendt added a birdie at the 15th en route to a bogey-free round.
'This year I have not been playing so good. I have hit the ball well but have not scored well,' said Berendt. 'I changed my swing a little bit so that I can hit the ball further but it takes time. I started to hit the ball very well on Friday. If I can hit the ball tomorrow like today and yesterday then I feel more confident.'
Dodd was part of a seven-way tie for first after the second round and had four birdies and one bogey over the first nine holes on Saturday. He bogeyed the 10th but responded with birdies on each of the next two holes.
At the par-4 14th, Dodd moved to 14-under with a birdie and stood two shots clear of the field. However, the 36-year-old stumbled with two bogeys down the stretch to fall back into a share of first.
'I started to play nice last week but didn't hole any putts,' said Dodd, who carded a three-under 66. 'I have hit it a bit closer this week so the putts have been a bit shorter. If you keep hitting it close you are going to get some in sooner or later.'
Nystrom birdied the sixth but ran into trouble with a bogey at the following hole. He countered with a stretch of four consecutive birdies starting at the par-3 eighth to put himself in contention.
Nystrom closed with a pair of birdies from the 17th for a round of 63.
Soren Hansen, Craig Kamps and Jamie Spence share ninth place at 10-under-par 197.
Henrik Bjornstad, Klas Eriksson and Jyoti Randhawa, who all held a share of the 36-hole lead, finished three strokes off the pace at 9-under-par 198. They were joined by Matthew Blackey, Mikko Ilonen and Soren Kjeldsen in a tie for 12th.
Nick Faldo, Thomas Levet, Marten Olander and Wook-Soon Kang were one shot further back at 8-under-par 199.
Full-field scores from the Omega Hong Kong Open