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Developers, brokerages drive Chinese shares lower

CHINESE stocks closed lower Monday, led by property developers and brokerages.   

The benchmark Shanghai Composite Index ended down 0.35 percent at 3,043.56 points. The smaller Shenzhen index closed 0.57 percent lower at 10,762 points. 
The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 0.61 percent to close at 2,249.87 points.
Turnover stood at 557.7 billion yuan (83.24 billion U.S. dollars), down from 568.1 billion yuan the previous trading day.
Property developers led the declines, as data showed house price gains slowing in June.
Of 70 large- and medium-sized cities surveyed in June, 55 saw new home prices climb month on month, down from 60 the previous month. Meanwhile, 10 cities reported month-on-month price declines, up from four in May, the National Bureau of Statistics said.
Suning Universal Co., a Nanjing-based property developer, plunged by the daily limit of 10 percent to end at 11.78 yuan.
Brokerages closed broadly lower. Soochow Securities Co., dipped 4.24 percent to close at 14.23 yuan. Citic Securities Co., one of the country's biggest brokerages, fell 1.78 percent to 16.52 yuan.  


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