Index drops to 2-month low
By Ye Zhen |
March 14, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell for a fifth consecutive day to a two-month low as property developers and cement producers tumbled after media reported that the Shenzhen city government has imposed price curbs on developers.
The Shanghai Composite Index lost 1 percent to 2,263.97 points, the lowest close since January 11.
Property developers sank after media reports said that authorities in Shenzhen, Guangdong Province, have ordered developers to sell new homes at not higher than February's average price, and that the government won't approve the sale of higher priced property projects, citing sources from developers, including China Vanke and Poly Real Estate.
But Wang Youpeng, an official with the city's urban planning and land resources watchdog, told Caixin.com yesterday that he "has never heard about such a restriction."
Still, Poly Real Estate, China's second-largest listed developer, fell 3.8 percent to 11.14 yuan (US$1.79). Gemdale Corp slumped 4.6 percent to 6.05 yuan. Shanghai Xinmei Real Estate Co lost 1.9 percent to 6.06 yuan.
Cement producers also fell as they may be hit by 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 fell 1.1 percent to 10.21 yuan. Shaanxi Qinling Cement Co slumped 4.1 percent to 5.65 yuan.
The Shanghai Composite Index lost 1 percent to 2,263.97 points, the lowest close since January 11.
Property developers sank after media reports said that authorities in Shenzhen, Guangdong Province, have ordered developers to sell new homes at not higher than February's average price, and that the government won't approve the sale of higher priced property projects, citing sources from developers, including China Vanke and Poly Real Estate.
But Wang Youpeng, an official with the city's urban planning and land resources watchdog, told Caixin.com yesterday that he "has never heard about such a restriction."
Still, Poly Real Estate, China's second-largest listed developer, fell 3.8 percent to 11.14 yuan (US$1.79). Gemdale Corp slumped 4.6 percent to 6.05 yuan. Shanghai Xinmei Real Estate Co lost 1.9 percent to 6.06 yuan.
Cement producers also fell as they may be hit by 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 fell 1.1 percent to 10.21 yuan. Shaanxi Qinling Cement Co slumped 4.1 percent to 5.65 yuan.
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