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Property, banks lead index on slide
By Joyce Pan |
April 22, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped over 1 percent today, led by property developers and lenders as the banking watchdog will tighten rules to define "second-home" ownership.
The government will resort to a housing registry to determine whether a family already owns a home instead of looking at the family's outstanding mortgage, said Yang Jicai, a China Banking Regulatory Commission director.
Last week, the central government raised the down-payment requirement for second-home buyers to 50 percent from 40 percent and ordered extra 10 percent interest rate on loans for second homes. But it failed to define second-home buyers.
The benchmark Shanghai Composite Index fell 1.11 percent, or 33.79 points to 2,999.48 points. Turnover rose to 153 billion yuan (US$22.5 billion) from 146 billion yuan. Losers outnumbered gainers 485 to 376 and 12 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.15 percent to close at 1,213.41 points.
Shanghai-based Shimao Co plunged 3.7 percent to 12.1 yuan. Poly Real Estate Group, the country's second-largest listed developer, dipped 1.4 percent to 16.76 yuan. Shanghai Lujiazui Finance & Trade Zone withdrew 2.5 percent to 20.11 yuan.
Bank of Communications, part-owned by HSBC Holdings Plc, slid 4.9 percent to 7.33 yuan. Bloomberg News quoted Dicky Yip, an executive vice-president, as saying the bank had an obvious drop in mortgage loans in February and March as the government seeks to rein in lending and curb property speculation.
China Construction Bank closed 3 percent lower to 5.19 yuan while Shanghai Pudong Development Bank retreated 3.2 percent to 20.19 yuan.
The government will resort to a housing registry to determine whether a family already owns a home instead of looking at the family's outstanding mortgage, said Yang Jicai, a China Banking Regulatory Commission director.
Last week, the central government raised the down-payment requirement for second-home buyers to 50 percent from 40 percent and ordered extra 10 percent interest rate on loans for second homes. But it failed to define second-home buyers.
The benchmark Shanghai Composite Index fell 1.11 percent, or 33.79 points to 2,999.48 points. Turnover rose to 153 billion yuan (US$22.5 billion) from 146 billion yuan. Losers outnumbered gainers 485 to 376 and 12 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.15 percent to close at 1,213.41 points.
Shanghai-based Shimao Co plunged 3.7 percent to 12.1 yuan. Poly Real Estate Group, the country's second-largest listed developer, dipped 1.4 percent to 16.76 yuan. Shanghai Lujiazui Finance & Trade Zone withdrew 2.5 percent to 20.11 yuan.
Bank of Communications, part-owned by HSBC Holdings Plc, slid 4.9 percent to 7.33 yuan. Bloomberg News quoted Dicky Yip, an executive vice-president, as saying the bank had an obvious drop in mortgage loans in February and March as the government seeks to rein in lending and curb property speculation.
China Construction Bank closed 3 percent lower to 5.19 yuan while Shanghai Pudong Development Bank retreated 3.2 percent to 20.19 yuan.
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