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Home price curb reports see stocks slump
By Ye Zhen |
March 13, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks today declined for a fifth consecutive day - down to a two-month low.
Shares in cement producers and property developers tumbled after media report said the government in Shenzhen, Guangdong Province, imposed price curbs on developers.
The key Shanghai Composite Index lost 1 percent to 2,263.97 points, the lowest closing since January 11.
Turnover was 77.7 billion yuan (US$12.3 billion) by the trading close.
Property developers sank after a report on Sina.com said authorities in Shenzhen, ordered developers to sell new homes at no more than an average price in February.
The government said it won't approve the sale of property projects with higher prices, the online news portal reported.
It cited sources from developers, including China Vanke and Poly Real Estate.
Poly Real Estate, the second largest developer, dropped 3.8 percent to 11.14 yuan.
Gemdale Corporation slumped 4.6 percent to 6.05 yuan, while Shanghai Xinmei Real Estate Co lost 1.9 percent to 6.06 yuan.
Dongguan Securities said that property shares would be under pressure in the short term as local governments take specific measures to prevent the real estate market from heating up again.
Cement producers also saw prices fall on concerns that market demand will shrink due to a cooling property market.
Anhui Conch Cement Co, China's biggest cement producer, lost 3.1 percent to 17.46 yuan.
Gansu Qilianshan Cement Group Co dropped 1.1 percent to 10.21 yuan and Shaanxi Qinling Cement Co slumped 4.1 percent to 5.65 yuan.
Shares in cement producers and property developers tumbled after media report said the government in Shenzhen, Guangdong Province, imposed price curbs on developers.
The key Shanghai Composite Index lost 1 percent to 2,263.97 points, the lowest closing since January 11.
Turnover was 77.7 billion yuan (US$12.3 billion) by the trading close.
Property developers sank after a report on Sina.com said authorities in Shenzhen, ordered developers to sell new homes at no more than an average price in February.
The government said it won't approve the sale of property projects with higher prices, the online news portal reported.
It cited sources from developers, including China Vanke and Poly Real Estate.
Poly Real Estate, the second largest developer, dropped 3.8 percent to 11.14 yuan.
Gemdale Corporation slumped 4.6 percent to 6.05 yuan, while Shanghai Xinmei Real Estate Co lost 1.9 percent to 6.06 yuan.
Dongguan Securities said that property shares would be under pressure in the short term as local governments take specific measures to prevent the real estate market from heating up again.
Cement producers also saw prices fall on concerns that market demand will shrink due to a cooling property market.
Anhui Conch Cement Co, China's biggest cement producer, lost 3.1 percent to 17.46 yuan.
Gansu Qilianshan Cement Group Co dropped 1.1 percent to 10.21 yuan and Shaanxi Qinling Cement Co slumped 4.1 percent to 5.65 yuan.
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