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Developers lead Shanghai gauge up
By Lydia Chen |
March 23, 2011, Wednesday
|
Online Edition
Online Edition
REAL estate developers today became the main engine to push Shanghai market up while rallies among blue chips helped secure the gains.
The Shanghai Composite Index added 1 percent, the most in a week, to 2,948.48. Turnover expanded to 138.32 billion yuan (US$21.05 billion) from yesterday's 120.19 billion yuan.
The real estate sector paced the increase among all plays with a rise of 3.19 percent. The industry also attracted nearly 12.3 billion yuan in new funds, the most among all sectors.
Beijing Urban Construction Investment & Development Co gained 7.14 percent to 15 yuan. Shanghai Shimao Co climbed 5.98 percent to 15.23 yuan.
China's cabinet, the State Council, is soon going to send eight teams across the country to probe the effects of the country's latest measures that were designed to curb property bubbles two months ago.
Analysts said the country's massive affordable housing projects will also mean a vast business expansion for developers, whose stock prices have already slumped to the lowest levels since the central government embarked efforts to cap rocketing home prices.
The Shanghai Composite Index added 1 percent, the most in a week, to 2,948.48. Turnover expanded to 138.32 billion yuan (US$21.05 billion) from yesterday's 120.19 billion yuan.
The real estate sector paced the increase among all plays with a rise of 3.19 percent. The industry also attracted nearly 12.3 billion yuan in new funds, the most among all sectors.
Beijing Urban Construction Investment & Development Co gained 7.14 percent to 15 yuan. Shanghai Shimao Co climbed 5.98 percent to 15.23 yuan.
China's cabinet, the State Council, is soon going to send eight teams across the country to probe the effects of the country's latest measures that were designed to curb property bubbles two months ago.
Analysts said the country's massive affordable housing projects will also mean a vast business expansion for developers, whose stock prices have already slumped to the lowest levels since the central government embarked efforts to cap rocketing home prices.
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