Index caps 4th straight week of gain on property upswing
By Hu Xiaocen |
February 11, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose on speculation of easing property curbs, as a city in east China unveiled plans to subsidize home purchases.
The Shanghai Composite Index gained 0.1 percent, to 2,351.98 points, the highest level since December 2.
The benchmark was up 0.93 percent this week for a fourth weekly gain, its longest winning streak since July 15.
Wuhu, a city in Anhui Province, announced a home-buying subsidy scheme of 50 yuan (US$7.95) a square meter for the purchase of homes covering an area of between 70 to 90 square meters, and 150 yuan a square meter for homes smaller than 70 square meters, the local government said in a statement on its website.
Property developers rallied on the news, extending the gains to a third straight day since the central bank pledged to meet demands from first-home buyers seeking loans, and to support the construction of affordable housing projects.
"The rally of property developers will benefit more than 20 related sectors, and boost the index," said Cheng Yimin, an analyst at Chubu Securities. "Stocks will continue to climb with less fluctuation next week."
Poly Real Estate Group, China's second-biggest listed developer, surged 3.31 percent to 10.91 yuan. Beijing Capital Development soared 5.58 percent to 9.84 yuan.
"Despite the news from Wuhu City, China's major cities will not ease property restrictions," said Tong Bin, an analyst at Guotai Junan Securities.
Premier Wen Jiabao reiterated on January 31 that China will retain its property market curbs to bring prices down to a reasonable level.
The Shanghai Composite Index gained 0.1 percent, to 2,351.98 points, the highest level since December 2.
The benchmark was up 0.93 percent this week for a fourth weekly gain, its longest winning streak since July 15.
Wuhu, a city in Anhui Province, announced a home-buying subsidy scheme of 50 yuan (US$7.95) a square meter for the purchase of homes covering an area of between 70 to 90 square meters, and 150 yuan a square meter for homes smaller than 70 square meters, the local government said in a statement on its website.
Property developers rallied on the news, extending the gains to a third straight day since the central bank pledged to meet demands from first-home buyers seeking loans, and to support the construction of affordable housing projects.
"The rally of property developers will benefit more than 20 related sectors, and boost the index," said Cheng Yimin, an analyst at Chubu Securities. "Stocks will continue to climb with less fluctuation next week."
Poly Real Estate Group, China's second-biggest listed developer, surged 3.31 percent to 10.91 yuan. Beijing Capital Development soared 5.58 percent to 9.84 yuan.
"Despite the news from Wuhu City, China's major cities will not ease property restrictions," said Tong Bin, an analyst at Guotai Junan Securities.
Premier Wen Jiabao reiterated on January 31 that China will retain its property market curbs to bring prices down to a reasonable level.
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