Property firms bolster index
By Lydia Chen |
March 24, 2011, Thursday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday rose for a fourth day, led by real estate developers on hopes that they would find business opportunities in China's massive affordable housing projects.
The Shanghai Composite Index gained 1 percent, the most in a week, to 2,948.48. Turnover expanded to 138 billion yuan (US$21 billion) from Tuesday's 120 billion yuan.
Analysts said the country's massive affordable housing projects will mean a vast business expansion opportunity for property developers, whose stock prices have already fallen to the lowest levels since the central government embarked on its efforts to cap rocketing home prices.
"These projects will be an incentive for developers in the long term," said Zhou Xuesong, an analyst with Sealand Securities.
Beijing Urban Construction Investment and Development Co surged 7.1 percent to 15 yuan. Shanghai Shimao Co rose 6 percent to 15.23 yuan.
Thanks to the housing projects, China International Capital Corp overweighed cement makers because their sales will be largely boosted when construction work starts for the 10 million units of affordable houses this year.
The Shanghai Composite Index gained 1 percent, the most in a week, to 2,948.48. Turnover expanded to 138 billion yuan (US$21 billion) from Tuesday's 120 billion yuan.
Analysts said the country's massive affordable housing projects will mean a vast business expansion opportunity for property developers, whose stock prices have already fallen to the lowest levels since the central government embarked on its efforts to cap rocketing home prices.
"These projects will be an incentive for developers in the long term," said Zhou Xuesong, an analyst with Sealand Securities.
Beijing Urban Construction Investment and Development Co surged 7.1 percent to 15 yuan. Shanghai Shimao Co rose 6 percent to 15.23 yuan.
Thanks to the housing projects, China International Capital Corp overweighed cement makers because their sales will be largely boosted when construction work starts for the 10 million units of affordable houses this year.
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