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House restriction order causes stock to drop
By Ye Zhen |
July 20, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell for the first time in four days after the government pledged to keep a firm grip on the real estate market to prevent home prices from rebounding.
The key Shanghai Composite Index fell 0.74 percent to close at 2,168.64 points and turnover was 54.5 billion yuan (US$8.7 billion). The index lost 0.79 percent this week, the fifth straight week of declines.
"Local governments should strictly implement curbs on the property market and should not relax the controls without authorization. Those who have taken loosening measures should correct them immediately," the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in an urgent circular.
Property developers posted a weak run. China Vanke, the nation's biggest developer, lost 1.5 percent to 9.30 yuan. Poly Real Estate, the second largest developer, dropped 1.8 percent to 11.35 yuan. Gemdale Corporation lost 2.2 percent to 5.89 yuan.
Cement producers also fell on speculation restriction on property market will curb cement demand. Anhui Conch Cement Co, the biggest Chinese cement producer, sank 2.3 percent to 14.59 yuan. Zhejiang Jianfeng Group Co,a company operates in building materials, primarily the cement industry, retreated 2.2 percent to 11.45 yuan. Gansu Qilianshan Cement Group Co dropped 3.1 percent to 10.44 yuan.
Poor company earnings also hurt market sentiments. Citic Securities, China's biggest listed brokerage, lost 1 percent to close at 12.82 yuan after the company said its net profit decreased 24.4 percent from a year earlier in the first half this year. Haitong Securities Co tumbled 1.3 percent to 9.92 yuan as the company's net profit dropped 9.36 percent in the first six months of this year.
The key Shanghai Composite Index fell 0.74 percent to close at 2,168.64 points and turnover was 54.5 billion yuan (US$8.7 billion). The index lost 0.79 percent this week, the fifth straight week of declines.
"Local governments should strictly implement curbs on the property market and should not relax the controls without authorization. Those who have taken loosening measures should correct them immediately," the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in an urgent circular.
Property developers posted a weak run. China Vanke, the nation's biggest developer, lost 1.5 percent to 9.30 yuan. Poly Real Estate, the second largest developer, dropped 1.8 percent to 11.35 yuan. Gemdale Corporation lost 2.2 percent to 5.89 yuan.
Cement producers also fell on speculation restriction on property market will curb cement demand. Anhui Conch Cement Co, the biggest Chinese cement producer, sank 2.3 percent to 14.59 yuan. Zhejiang Jianfeng Group Co,a company operates in building materials, primarily the cement industry, retreated 2.2 percent to 11.45 yuan. Gansu Qilianshan Cement Group Co dropped 3.1 percent to 10.44 yuan.
Poor company earnings also hurt market sentiments. Citic Securities, China's biggest listed brokerage, lost 1 percent to close at 12.82 yuan after the company said its net profit decreased 24.4 percent from a year earlier in the first half this year. Haitong Securities Co tumbled 1.3 percent to 9.92 yuan as the company's net profit dropped 9.36 percent in the first six months of this year.
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