Property stocks soar to push up index
By Ye Zhen |
July 6, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks ticked up yesterday as homebuilders soared on reports that China may lift the financing barrier on the real estate sector.
The Shanghai Composite Index inched up 0.05 percent to 2,007.2 points. The index ended the week with a 1.41 percent gain, snapping a four-week losing streak.
Property stocks led the market gains after the Oriental Morning Post cited an unnamed investment banker as saying that the China Securities Regulatory Commission may relax its restrictions on financing by homebuilders after a nearly three-year ban.
The CSRC suspended approval of real estate-related firms' fundraising proposals in October 2010 to comply with the central government's decision to crack down on speculative home purchases and to rein in soaring home prices.
Poly Real Estate, China's second-largest listed developer, rose 4.7 percent to 10.41 yuan (US$1.69). Gemdale Corp added 2.4 percent to 7.14 yuan.
The China Financial Futures Exchange, meanwhile, has received the go-ahead from the CSRC to resume trading of Treasury bond futures after an 18-year suspension in an effort to promote the liberalization of interest rates, the CSRC said after the market close.
The Shanghai Composite Index inched up 0.05 percent to 2,007.2 points. The index ended the week with a 1.41 percent gain, snapping a four-week losing streak.
Property stocks led the market gains after the Oriental Morning Post cited an unnamed investment banker as saying that the China Securities Regulatory Commission may relax its restrictions on financing by homebuilders after a nearly three-year ban.
The CSRC suspended approval of real estate-related firms' fundraising proposals in October 2010 to comply with the central government's decision to crack down on speculative home purchases and to rein in soaring home prices.
Poly Real Estate, China's second-largest listed developer, rose 4.7 percent to 10.41 yuan (US$1.69). Gemdale Corp added 2.4 percent to 7.14 yuan.
The China Financial Futures Exchange, meanwhile, has received the go-ahead from the CSRC to resume trading of Treasury bond futures after an 18-year suspension in an effort to promote the liberalization of interest rates, the CSRC said after the market close.
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