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Index slumps as curbs slapped on land prices

SHANGHAI'S key stock index fell for a fourth day in the morning trade after property shares slumped on more measures to curb land prices.

The benchmark Shanghai Composite Index lost 1.59 percent, or 50.40 points, to close at 3,128.68 points. Turnover was 63.9 billion yuan (US$9.36 billion). Losers outnumbered gainers 806 to 68, and 41 shares remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 2.91 percent to close at 1,134.73 points.

China has raised the downpayment requirement for land purchases to at least 50 percent of the total price, the Ministry of Finance said on its Website. Previously most deposits on land purchases ranged from 20 percent to 30 percent.

China Vanke Co, the nation's biggest listed property developer, tumbled 5.41 percent to 10.66 yuan. Gemdale Corporation retreated 6.08 percent to 13.45 yuan. Poly Real Estate Group sank 4.86 percent to 22.50 yuan. Shanghai Shimao Co Ltd lowered 4.04 percent to 15.90 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, lost 0.57 percent to 5.20 yuan. Shanghai Pudong Development Bank dropped 1.33 percent to 21.59 yuan. China Construction Bank dipped 0.66 percent to close at 5.99 yuan.

More new share sales are also expected in the next week. China CNR Corp, which supplies rail cars for Beijing's subway, said it plans to raise as much as 13.9 billion yuan in a Shanghai IPO, while China National Chemical Engineering Co said it intends to raise 2.92 billion yuan.

Everbright Securities was down 1.38 percent to 22.85 yuan. Changjiang Securities lost 2.09 percent to 17.82 yuan.

Metal producers were also flat after gold slid 2.5 percent in New York. Zijin Mining Co lost 3.98 percent to 9.66 yuan. Jiangxi Copper Co lowered 4.82 percent dropped 38.52 yuan. Zhongjin Gold Co lost 3.28 percent to 57.73 yuan. Aluminum Corporation of China Ltd retreated 3.17 percent to 14.68 yuan.


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