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Shanghai index drops as home prices delay further easing
By Ye Zhen |
August 20, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI shares retreated today on speculation that the government may delay further policy easing due to rising home prices in July.
The benchmark Shanghai Composite Index fell 0.38 percent, or 7.93 points to close at 2,106.96 points. Turnover was 39.3 billion yuan (US$6.1 billion) at the trading close.
Home prices, excluding that of government-funded affordable housing, rose in 50 out of the 70 monitored cities across China last month, double the number in June, the National Bureau of Statistics said on Saturday.
Home prices were driven up by strong demand from genuine homebuyers and relaxed monetary policy, said Zhu Zhongyi, deputy director of the China Real Estate Association.
The government may have to hold off monetary easing moves in an effort to curb speculative demand in property market if home prices continued to climb, China International Capital Corporation Limited said in its latest report.
Property developers slumped on speculation the government may further tighten control on property market. China Vanke, the nation's biggest developer, fell 1.3 percent to 8.50 yuan. Poly Real Estate, the second largest developer, tumbled 3 percent to 10.02 yuan. Gemdale Corporation retreated 2.4 percent to 5.29 yuan.
Cement producers also fell. Anhui Conch Cement Co, China's biggest cement producer, lost 2 percent to 14.05 yuan. Gansu Qilianshan Cement Group Co shed 1.2 percent to 10.13 yuan.
Most lenders lost as an increase in bad loans overshadowed the growth of first-half net profits. China Merchants Bank fell 1.4 percent to close at 9.88 yuan. Agricultural Bank of China dipped 0.4 percent to 2.50 yuan.
The benchmark Shanghai Composite Index fell 0.38 percent, or 7.93 points to close at 2,106.96 points. Turnover was 39.3 billion yuan (US$6.1 billion) at the trading close.
Home prices, excluding that of government-funded affordable housing, rose in 50 out of the 70 monitored cities across China last month, double the number in June, the National Bureau of Statistics said on Saturday.
Home prices were driven up by strong demand from genuine homebuyers and relaxed monetary policy, said Zhu Zhongyi, deputy director of the China Real Estate Association.
The government may have to hold off monetary easing moves in an effort to curb speculative demand in property market if home prices continued to climb, China International Capital Corporation Limited said in its latest report.
Property developers slumped on speculation the government may further tighten control on property market. China Vanke, the nation's biggest developer, fell 1.3 percent to 8.50 yuan. Poly Real Estate, the second largest developer, tumbled 3 percent to 10.02 yuan. Gemdale Corporation retreated 2.4 percent to 5.29 yuan.
Cement producers also fell. Anhui Conch Cement Co, China's biggest cement producer, lost 2 percent to 14.05 yuan. Gansu Qilianshan Cement Group Co shed 1.2 percent to 10.13 yuan.
Most lenders lost as an increase in bad loans overshadowed the growth of first-half net profits. China Merchants Bank fell 1.4 percent to close at 9.88 yuan. Agricultural Bank of China dipped 0.4 percent to 2.50 yuan.
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