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Property tightening news drag down market
By Feng Jianmin |
July 13, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks dropped in the morning session after the government pledged to carry on tightening measures on the property market.
The benchmark Shanghai Composite Index eased 1.83 percent, or 45.53 points, to close at 2445.19. Turnover shrank to 37.4 billion yuan (US$5.5 billion) from yesterday's 47.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, dropped 2.15 percent to 972.31 points.
Ministry of Housing and Urban-Rural Development, China Banking Regulatory Commission and State-owned Assets Supervision and Administration Commission yesterday separately responded to the market rumor that restrictions on property speculation may ease.
Measures will be taken to reinforce limiting loans on second and third homes, to boost supply of homes for consumption, and to reduce state-owned companies' presence in the property business, the authorities said.
Gemdale Real Estate Corp retreated 3.41 percent to 6.51 yuan. China Vanke went down 2 percent to 7.48 yuan. Poly Real Estate (Group) Co slid 2.79 percent to 11.51 yuan. China Merchants Property Development Co lost 2.75 percent to 16.62 yuan.
Gold miners led the losers on lower bullion prices. Shandong Gold Mining Co withdrew 3.13 percent to 33.08 yuan. Zhongjin Gold Co tumbled 4.92 percent to 26.11 yuan.
Zijin Mining Group Co, China's largest gold miner, shed 4.68 percent after the company reported its leakage of polluted water to Ting River in Fujian Province.
The benchmark Shanghai Composite Index eased 1.83 percent, or 45.53 points, to close at 2445.19. Turnover shrank to 37.4 billion yuan (US$5.5 billion) from yesterday's 47.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, dropped 2.15 percent to 972.31 points.
Ministry of Housing and Urban-Rural Development, China Banking Regulatory Commission and State-owned Assets Supervision and Administration Commission yesterday separately responded to the market rumor that restrictions on property speculation may ease.
Measures will be taken to reinforce limiting loans on second and third homes, to boost supply of homes for consumption, and to reduce state-owned companies' presence in the property business, the authorities said.
Gemdale Real Estate Corp retreated 3.41 percent to 6.51 yuan. China Vanke went down 2 percent to 7.48 yuan. Poly Real Estate (Group) Co slid 2.79 percent to 11.51 yuan. China Merchants Property Development Co lost 2.75 percent to 16.62 yuan.
Gold miners led the losers on lower bullion prices. Shandong Gold Mining Co withdrew 3.13 percent to 33.08 yuan. Zhongjin Gold Co tumbled 4.92 percent to 26.11 yuan.
Zijin Mining Group Co, China's largest gold miner, shed 4.68 percent after the company reported its leakage of polluted water to Ting River in Fujian Province.
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