Related News
Developers lead index to 4th day rise
By Ye Zhen |
August 2, 2013, Friday
|
Online Edition
Online Edition
Shanghai stocks rose for the fourth day in a row today as property developers advanced on signs of easing control on their refinancing.
The Shanghai Composite Index edged up 0.02 percent to 2,029.42 points. The gauge ended the week with a 0.92 percent increase following a slew of official comments that indicated the government is shifting its policy stance from a hands-off to an active approach by introducing fine-tuning measures to shore up economy.
Xinhu Zhongbao Co, a Hangzhou-based homebuilder, paced the gain of the property sector, surging 9.9 percent to 3.65 yuan, after the company announced a private placement plan to raise as much as 5.5 billion yuan (US$902 million) to finance two real estate projects.
The share sale plan, the first refinancing try by a real estate company in three years, is pending the regulatory approval.
“The plan gave rise to expectation that the regulator may soon relax its control on refinancing by homebuilders, especially after the politburo mid-year meeting signaled a more tolerant policy stance,” the UBS Investment Research said in a note today.
“The resumption of refinancing will help real estate firms to reduce funding costs and improve earnings,” UBS said.
Poly Real Estate, China’s second-largest listed developer, jumped 3.7 percent to 10.93 yuan. Gemdale Corp increased 2.1 percent to 7.17 yuan. Cinda Real Estate Co leaped by the daily limit of 10 percent to 3.37 yuan.
The China Securities Regulatory Commission suspended approval of refinancing applications by real estate developers in October 2010 to comply with the central government’s decision to rein in soaring home prices.
Photovoltaic firms gained after China Securities Journal reported that the government is planning to offer a 50 percent refund on value-added tax for solar power generators.
North Electro-Optic Co surged 5.03 percent to 22.35 yuan. Sanan Optoelectronics Co added 2.2 percent to 21.33 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
