Hopes for property boost lift investors
Print Edition
SHANGHAI stocks edged up higher yesterday as investors were hoping for policymakers to give the Chinese property market a boost.
The Shanghai Composite Index rose 0.24 percent to 3,691.10 points. For the week, the index gained 1.4 percent.
The Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development yesterday jointly released measures to better meet the housing needs of Chinese citizens.
China will implement annual blueprints for housing projects to meet the conditions in different cities. The related ministries will also ensure that land distribution is better managed to benefit people in their basic housing needs.
The government will also encourage property developers to build homes for the elderly to meet the aging needs of the country.
Cinda Real Estate Co surged 9.86 percent to 9.14 yuan (US$1.47), Wolong Real Estate Group Co jumped 7.63 percent to 9.17 yuan, Yunnan Metropolitan Real Estate Development Co rose 6.85 percent to close at 8.89 yuan, and Shandong Tyan Home Co increased 5.23 percent to finish at 12.48 yuan.
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