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Cooling real estate sector saps market confidence
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SHANGHAI stocks fell today, dragged by financial firms and homebuilders amid fears that a cooling property market would slow economic growth.
The benchmark Shanghai Composite Index lost 1.05 percent, or 21.32 points, to 2,005.18. Turnover was weak at 53 billion yuan (US$8.5 billion).
Home prices rose in 44 of the 70 cities monitored by the government in April, a drop from 56 in March and 57 in February, data from the National Bureau of Statistics showed yesterday.
“Moderating growth of the real estate sector will be the biggest risk for the Chinese economy in the next two years,” Wang Tao, chief China economist at UBS, said in a note today.
The UBS has cut its 2014 forecast for China’s economic growth from 7.5 percent to 7.3 percent and lowered its 2015 growth estimate from 7.0 percent to 6.8 percent as the real estate sector weakened more than expected this year.
Zheng Yudong, head of investment strategy and advisory at SCB China, said market confidence in China’s economy has dropped to the lowest level since the financial crisis.
Poly Real Estate, China’s second-largest developer, lost 0.9 percent to 7.42 yuan. China Fortune Land slumped 8.3 percent to 23.59 yuan.
Financial institutions also lost. Industrial Bank dropped 2.8 percent to 9.69 yuan. CITIC Securities, China’s biggest listed brokerage, decreased 2.5 percent to 11.06 yuan.
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