Property shares sink index
By Pan Xiaoyi |
March 24, 2010, Wednesday
|
Print Edition
Print Edition
PROPERTY developers led Shanghai's key stock index to end lower yesterday after the central government beefed up efforts to curb housing prices.
The Shanghai Composite Index lost 0.7 percent, or 21.45 points, to close at 3,053.13. Turnover shrank to 108.7 billion yuan (US$15.9 billion) from 113.4 billion yuan.
The State-owned Assets Supervision and Administration Commission on Monday ordered 78 companies under its supervision, whose core business is not real estate, to map out detailed plans to withdraw from the industry within 15 working days.
The Ministry of Land and Resources has said the SASAC will crack down on housing speculation and land holding to cool the domestic overheated property market.
"The latest move by the government to rein in rising housing prices raised investor concern that more forceful measures will be rolled out," Basing Investment wrote.
Shanghai Lujiazui Finance & Trade Zone eased 0.5 percent to 23.54 yuan and Shanghai-based Shimao Co fell 2.2 percent to 15.06 yuan. Poly Real Estate Group declined 1.9 percent to 20.20 yuan and Gemdale Corp shed 2.4 percent to 13.6 yuan.
The Shanghai Composite Index lost 0.7 percent, or 21.45 points, to close at 3,053.13. Turnover shrank to 108.7 billion yuan (US$15.9 billion) from 113.4 billion yuan.
The State-owned Assets Supervision and Administration Commission on Monday ordered 78 companies under its supervision, whose core business is not real estate, to map out detailed plans to withdraw from the industry within 15 working days.
The Ministry of Land and Resources has said the SASAC will crack down on housing speculation and land holding to cool the domestic overheated property market.
"The latest move by the government to rein in rising housing prices raised investor concern that more forceful measures will be rolled out," Basing Investment wrote.
Shanghai Lujiazui Finance & Trade Zone eased 0.5 percent to 23.54 yuan and Shanghai-based Shimao Co fell 2.2 percent to 15.06 yuan. Poly Real Estate Group declined 1.9 percent to 20.20 yuan and Gemdale Corp shed 2.4 percent to 13.6 yuan.
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