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Developers drop on concerns about property tax
By Lydia Chen |
January 10, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in today's morning session as investors grew jittery about the prospects of developers and financial shares after Chongqing announced it will impose a property tax this year.
The Shanghai Composite Index lost 0.41 percent, or 11.66 points, to 2,827.14. Turnover shrank to 56.91 billion yuan (US$ 8.58 billion) from Friday morning's 67.76 billion yuan.
Poly Real Estate Group Co, the country's second biggest developer, shed 1.25 percent to 14.21 yuan.
Members of the People's Congress of Chongqing were reviewing a government report that looks to impose a tax on high-end houses at their meeting yesterday, Xinhua news agency reported.
Local governments in many Chinese cities including Shanghai and Beijing are deliberating imposing a housing property tax to rein in wildly inflated property prices.
The property tax is expected to be spread nationwide after trial programs in Shanghai and Chongqing.
Copper and aluminum producers followed suit as the prices of the metals continued to drop in world markets.
Jiangxi Copper dipped 0.49 percent to 42.66 yuan. Aluminum Corp of China reduced 0.87 percent to 10.24 yuan.
Three-month copper on the London Metal Exchange fell for a fifth day and lost as much as 0.4 percent. Aluminum in London dropped 0.5 percent to US$2,506.25 a ton, zinc declined 1.6 percent to US$2,407 a ton, and lead decreased 0.7 percent to US$2,631 a ton.
The Shanghai Composite Index lost 0.41 percent, or 11.66 points, to 2,827.14. Turnover shrank to 56.91 billion yuan (US$ 8.58 billion) from Friday morning's 67.76 billion yuan.
Poly Real Estate Group Co, the country's second biggest developer, shed 1.25 percent to 14.21 yuan.
Members of the People's Congress of Chongqing were reviewing a government report that looks to impose a tax on high-end houses at their meeting yesterday, Xinhua news agency reported.
Local governments in many Chinese cities including Shanghai and Beijing are deliberating imposing a housing property tax to rein in wildly inflated property prices.
The property tax is expected to be spread nationwide after trial programs in Shanghai and Chongqing.
Copper and aluminum producers followed suit as the prices of the metals continued to drop in world markets.
Jiangxi Copper dipped 0.49 percent to 42.66 yuan. Aluminum Corp of China reduced 0.87 percent to 10.24 yuan.
Three-month copper on the London Metal Exchange fell for a fifth day and lost as much as 0.4 percent. Aluminum in London dropped 0.5 percent to US$2,506.25 a ton, zinc declined 1.6 percent to US$2,407 a ton, and lead decreased 0.7 percent to US$2,631 a ton.
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