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Property sector drags down share prices
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SHANGHAI stocks dropped today after the real estate sector was hit amid concerns a property slowdown would hurt economic growth.
The benchmark Shanghai Composite Stock Index fell 0.54 percent to 2,055.52 points. Turnover was 98.1 billion yuan (US$15.8 billion).
Shanghai Waigaoqiao Free Trade Zone Development dropped 2.7 percent to 27.06 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co slipped 1.92 percent to 15.86 yuan.
New home prices in 35 out of 70 major Chinese cities fell from a month earlier in May, compared to eight cities in April, according to the National Bureau of Statistics.
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