Property developers help index end higher
Print Edition
SHANGHAI stocks edged up yesterday after real estate developers and building materials producers rose following media reports that some local governments may ease curbs on home purchases.
The Shanghai Composite Index rose 0.56 percent, or 11.53 points, to 2,058.99.
“The property sector is experiencing a recovery following recent regulatory easing,” BOC International (China) Ltd said in a note. The brokerage predicted the property sector to rebound by over 30 percent.
Shanghai Securities News reported yesterday that several cities, including Hangzhou and Changsha, planned to ease restrictions on buying homes and lowering the threshold for second-home buyers.
The media reports boosted real estate developers. Poly Real Estate jumped 7 percent to 8.24 yuan (US$1.33). China Fortune Land Co surged 9.6 percent to 31.02 yuan, and Gemdale Corp added 2.8 percent to 7.09 yuan.
Building materials such as Anhui Conch Cement Co rose 4.1 percent to 16.96 yuan while BBMG Corp, one of China’s largest building materials makers, soared 9.9 percent to 7.19 yuan.
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