Developers drag down market
By Ye Zhen |
July 27, 2012, Friday
|
Print Edition
Print Edition
SHARES in Shanghai fell to a three-year low yesterday as heavily weighted property developers dropped on speculation the government won't ease real estate curbs in the short term.
The key index lost 0.48 percent to end at 2,126 points.
Local governments must not challenge the central government on property market controls, especially limits on home purchases, Xinhua news agency said in a commentary on the decision to inspect the implementation of curb measures in 16 provincial areas.
A report by the Ministry of Land and Resources revealed that it has monitored 105 cities and found 33 have tried to "fine-tune" housing policies since the second half of last year. Chen Guoqiang, vice president of the China Real Estate Society, said housing inventory is still high for now. The nation's property sector will continue to be under pressure in terms of capital if the government keeps policies tight, he added.
Poly Real Estate, China's second-largest listed developer, sank 3.9 percent to 10.72 yuan (US$1.68). Gemdale Corp lost 2.7 percent to 5.71 yuan.
China will expand a trial value-added tax program to 10 additional provinces and cities, the State Council said.
The trial program is expected to reduce corporate taxes by 90 billion yuan this year, Zhu Jianfang, an economist at Citic Securities Co, wrote in a report. Fiscal stimulus is becoming an important tool to stabilize growth amid the economic slowdown, according to the report.
Steelmakers advanced on speculation that product demand will increase.
The key index lost 0.48 percent to end at 2,126 points.
Local governments must not challenge the central government on property market controls, especially limits on home purchases, Xinhua news agency said in a commentary on the decision to inspect the implementation of curb measures in 16 provincial areas.
A report by the Ministry of Land and Resources revealed that it has monitored 105 cities and found 33 have tried to "fine-tune" housing policies since the second half of last year. Chen Guoqiang, vice president of the China Real Estate Society, said housing inventory is still high for now. The nation's property sector will continue to be under pressure in terms of capital if the government keeps policies tight, he added.
Poly Real Estate, China's second-largest listed developer, sank 3.9 percent to 10.72 yuan (US$1.68). Gemdale Corp lost 2.7 percent to 5.71 yuan.
China will expand a trial value-added tax program to 10 additional provinces and cities, the State Council said.
The trial program is expected to reduce corporate taxes by 90 billion yuan this year, Zhu Jianfang, an economist at Citic Securities Co, wrote in a report. Fiscal stimulus is becoming an important tool to stabilize growth amid the economic slowdown, according to the report.
Steelmakers advanced on speculation that product demand will increase.
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