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Property tax sends index down 2%
By Ding Yining |
May 25, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S market retreated nearly 2 percent today after reports of the possible launch of property tax sent real estate developers down.
The benchmark Shanghai Composite Index fell 1.90 percent, or 50.79 points, to close at 2,622.63 points. Turnover shrank to 101.7 billion yuan (US$14.9 billion) from yesterday's 121.8 billion yuan. Losing shares outnumbered gainers 631 to 249 and 43 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.10 percent to close at 1,040.09 points.
Shanghai will introduce a property tax policy on a trial basis next month, the Economic Observer reported, citing an unidentified person. A more detailed policy may be announced at a later date, the report said.
China Merchants Property Development Co Ltd sank 3.95 percent to 16.52 yuan. China Vanke Co, the biggest listed domestic real estate developer, fell 3.90 percent to 7.40 yuan. Gemdale Corporation lost 1.55 percent to 6.98 yuan. Poly Real Estate Group dropped 4.03 percent to 11.66 yuan.
The Strategic Development Center of the Bank of China wrote in a research report that the interest rate is unlikely to rise soon and monetary policies will be mainly targeted at curbing excessive liquidity and control price levels. It also predicted that CPI may rise 3.7 percent in the second quarter.
Financial shares also dragged down the index. Ping An Insurance (Group) Co lost 3.50 percent to 45.25 yuan. China Pacific Insurance (Group) Co Ltd tumbled 5.06 percent to 21.77 yuan. Bank of Communications lost 3.74 percent to 6.70 yuan. Shanghai Pudong Development Bank fell 3.04 percent to 19.14 yuan.
Home appliance makers were also weak. Gree Electric Appliances Inc sank 5.84 percent to 20.91 yuan. Qingdao Haier Co lost 2.59 percent to 18.77 yuan.
Metal producers and financial shares showed mixed results. Jiangxi Copper was down 1.61 percent to 29.56 yuan. Shandong Gold Mining Co edged up 0.41 percent to 39.41 yuan. Yunnan Copper fell 2.44 percent to 21.95 yuan.
Pharmaceutical shares bucked the downward trend. Shanghai Neptunus Bioengineering Co rallied 6.15 percent to 11.40 yuan. Guilin Layn Natural Ingredients Corp jumped 3.95 percent to 15.79 yuan.
The benchmark Shanghai Composite Index fell 1.90 percent, or 50.79 points, to close at 2,622.63 points. Turnover shrank to 101.7 billion yuan (US$14.9 billion) from yesterday's 121.8 billion yuan. Losing shares outnumbered gainers 631 to 249 and 43 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.10 percent to close at 1,040.09 points.
Shanghai will introduce a property tax policy on a trial basis next month, the Economic Observer reported, citing an unidentified person. A more detailed policy may be announced at a later date, the report said.
China Merchants Property Development Co Ltd sank 3.95 percent to 16.52 yuan. China Vanke Co, the biggest listed domestic real estate developer, fell 3.90 percent to 7.40 yuan. Gemdale Corporation lost 1.55 percent to 6.98 yuan. Poly Real Estate Group dropped 4.03 percent to 11.66 yuan.
The Strategic Development Center of the Bank of China wrote in a research report that the interest rate is unlikely to rise soon and monetary policies will be mainly targeted at curbing excessive liquidity and control price levels. It also predicted that CPI may rise 3.7 percent in the second quarter.
Financial shares also dragged down the index. Ping An Insurance (Group) Co lost 3.50 percent to 45.25 yuan. China Pacific Insurance (Group) Co Ltd tumbled 5.06 percent to 21.77 yuan. Bank of Communications lost 3.74 percent to 6.70 yuan. Shanghai Pudong Development Bank fell 3.04 percent to 19.14 yuan.
Home appliance makers were also weak. Gree Electric Appliances Inc sank 5.84 percent to 20.91 yuan. Qingdao Haier Co lost 2.59 percent to 18.77 yuan.
Metal producers and financial shares showed mixed results. Jiangxi Copper was down 1.61 percent to 29.56 yuan. Shandong Gold Mining Co edged up 0.41 percent to 39.41 yuan. Yunnan Copper fell 2.44 percent to 21.95 yuan.
Pharmaceutical shares bucked the downward trend. Shanghai Neptunus Bioengineering Co rallied 6.15 percent to 11.40 yuan. Guilin Layn Natural Ingredients Corp jumped 3.95 percent to 15.79 yuan.
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