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Shanghai Composite up 0.3% in mixed trading
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Shanghai stocks edged up in mixed trading this morning. Distilleries gained while property developers slumped as data showed home prices rose in fewer cities in February.
The benchmark Shanghai Composite Index added 0.3 percent, or 5.99 points, to 2,029.66. Turnover was 46 billion yuan (US$7.5 billion) by midday.
Kweichow Moutai Co Ltd led the gains of distilleries, rising 5.3 percent to 175.31 yuan, after the Shanghai Securities News reported that the state-owned liquor maker plans to list Guizhou Xijiu, a unit of its portfolio, in Hong Kong later this year.
Most homebuilders were sluggish after the National Bureau of Statistics showed that 57 of the 70 major cities in China recorded rises in new home prices, down from 62 in January.
Poly Real Estate lost 2.1 percent to 6.93 yuan. Gemdale Corporation shed 1.1 percent to 6.27 yuan. Deluxe Family Co Ltd slipped 2.2 percent to 4.07 yuan.
The real estate sector was also depressed by media reports that a property company in Zhejiang Province went bankrupt as it failed to pay 3.5 billion yuan of debts, fueling worries about defaults.
Shanghai Jinfeng Investment Co, however, surged by the daily limit of 10 percent to 5.75 yuan after it said Greenland Holding Group Co will inject 65.5 billion yuan worth of assets in the company for a back-door listing.
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