Property price moves dent shares
Print Edition
SHANGHAI stocks fell yesterday on measures to curb soaring property prices.
The Shanghai Composite Index lost 2.02 percent to 2,804.73 points.
Property developers declined after Pan Gongsheng, deputy governor of the People’s Bank of China, said the central bank would tie up with the China Banking Regulatory Commission and the Ministry of Housing and Urban-Rural Development to scrutinize mortgage applications and reject down payments using funds raised through property agencies, small-loan companies and peer-to-peer lending platforms.
Poly Real Estate Group shed 4.25 percent to 9.46 yuan (US$1.45), and Shanghai AJ Corp fell 2.78 percent to 9.45 yuan.
China Merchants Bank lost 2.43 percent to 15.66 yuan and Bank of Communications shed 2.35 percent to 5.40 yuan.
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