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September 1, 2016

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Housing curb rumors push stocks up

SHANGHAI shares closed slightly higher yesterday as property counters rose because investors, fearing the government may restrict housing loans, rushed to secure their purchases.

The Shanghai Composite Index rebounded 0.35 percent to end at 3,085.49 points.

Property companies led gainers, with Langfang Development Co jumping by the daily limit of 10 percent to 32.67 yuan (US$5) while Tianjin Realty Development Co climbed 7.36 percent to 6.71 yuan.

Rumors of the government’s plan to curb housing loans have ignited the frenzy of investment in property since August 24, resulting in over 1,000 new housing deals daily in Shanghai over the past five days, while a week ago deals involving new and pre-owned houses totaled 911 for weekend of August 20 and 21.


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