Property shares help index end higher
Print Edition
PROPERTY developers boosted Shanghai stocks yesterday when they rose on speculation the central government will ease its grip on the sector.
The Shanghai Composite Index rose 0.66 percent to 2,034.57. For the week, the index added 0.4 percent.
Real estate developers outperformed after the Shanghai Securities News, citing unnamed sources from the Ministry of Housing and Urban-Rural Development, reported the central government may give discretion to local governments, excluding those of Beijing, Shanghai, Guangzhou and Shenzhen, to adjust policies on house purchases.
“The property market’s setback will be the biggest risk that China faces to achieve its annual economic growth target of 7.5 percent this year,” Wang Tao, economist of UBS Securities, said in a note yesterday. “Policy-makers will have to significantly loosen housing control in the next few months to counter that risk.”
Poly Real Estate Group, China’s second-largest listed developer, rose 4.3 percent to 5.07 yuan (81 US cents).
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