Property curbs dent Shanghai equities
Print Edition
SHANGHAI stocks slipped yesterday after China’s large cities unveiled curbs on their property markets and the economic planner said production of major commodities fell, overshadowing a rebound in industrial companies’ profits.
The Shanghai Composite Index fell 0.73 percent to 2,957.82 points after gaining as much as 1 percent in morning trade.
Shenzhen in Guangdong Province, which led home price growth in China last year, tightened home purchase curbs last Friday by raising the criteria for non-local buyers and increasing down payment for second homes.
The move came after Shanghai applied tougher home purchase restrictions on non-residents. Banking regulators in Shanghai, Shenzhen, Nanjing and Wuhan also scrutinized mortgage rates and funding sources of down payments.
Poly Real Estate Co dropped 2.5 percent to 9.37 yuan (US$1.44). Gemdale Corp shed 3 percent to 11.72 yuan.
The National Development and Reform Commission, the country’s top economic planner, said over the weekend that the production of coal, steel, cement, non-ferrous metals in the January-February period all fell from the same period of last year, as did the coal shipment.
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