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Property developers lift shares
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SHANGHAI stocks edged up yesterday as real estate developers surged on optimism the government will roll out measures to cut property inventory.
The Shanghai Composite Index added 0.07 percent to 3,472 points.
Property developers cheered as hopes were running high that destocking the property market will likely be one of the main topics for discussion at the upcoming Central Economic Working Conference, which sets economic targets for the coming year.
China Business News cited an unnamed source as saying that measures, including turning commercial housing into affordable homes, are set to roll out next year to trim unsold inventories.
Poly Real Estate Group Co jumped 4.4 percent to 11.19 yuan (US$1.75) while Wolong Real Estate Group Co soared 8.9 percent to 9.71 yuan.
China Vanke Co, the country’s biggest listed developer, leapt by the daily limit of 10 percent after it said yesterday that Anbang Insurance Group had been buying its shares in the secondary market, and now owns 5 percent of the firm as of Monday.
Sentiment was also dented after inflation data yesterday showed China is still dogged by deflation risks.
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