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Shanghai index falls on news of enlarge property tax trial
By Ye Zhen |
November 13, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks slumped this morning, dragged down by property developers after the central government reiterated its firm stance on property market control and planned to expand the property tax trial to more cities.
The key Shanghai Composite Index lost 1.4 percent to 2,050.1 points. Turnover stood at 24.5 billion yuan (US$3.9 billion) by the noon break.
The government won't relax its current restrictions on home purchases in the short term and is studying an expansion of the property tax trial, the Xinhua News Agency reported, citing Jiang Weixin, minister of housing and urban-rural development.
China launched the property tax trial in 2011 in an effort to cool the speculative activities in the country's overheated housing market. Shanghai and Chongqing are among the first batch of cities to collect tax from second-home buyers.
Poly Real Estate, China's second largest developer, declined 1 percent to 11.50 yuan. Gemdale Corporation fell 2 percent to 5.35 yuan. Guangzhou Pearl River Industrial Development Co dropped 5.4 percent to 9.78 yuan.
Lenders paced the decline of financial stocks after data showed that China's new yuan loans in October fell 14 percent year on year, casting shadow on a recovering economy. The Industrial and Commercial Bank of China, the nation's largest lender, lost 1 percent to 3.86 yuan. China Construction Bank shed 1.2 percent to 4.26 yuan. China Merchants Bank dropped 2 percent to 10.06 yuan.
Distilleries also fell. Kweichow Moutai Co, a leading producer of high-end liquor in China, slipped 2.4 percent to 226 yuan. Sichuan Tuopai Shede Wine Co retreated 2.8 percent to 27.43 yuan. Sichuan Swellfun Co lost 1.3 percent to 22.61 yuan.
The key Shanghai Composite Index lost 1.4 percent to 2,050.1 points. Turnover stood at 24.5 billion yuan (US$3.9 billion) by the noon break.
The government won't relax its current restrictions on home purchases in the short term and is studying an expansion of the property tax trial, the Xinhua News Agency reported, citing Jiang Weixin, minister of housing and urban-rural development.
China launched the property tax trial in 2011 in an effort to cool the speculative activities in the country's overheated housing market. Shanghai and Chongqing are among the first batch of cities to collect tax from second-home buyers.
Poly Real Estate, China's second largest developer, declined 1 percent to 11.50 yuan. Gemdale Corporation fell 2 percent to 5.35 yuan. Guangzhou Pearl River Industrial Development Co dropped 5.4 percent to 9.78 yuan.
Lenders paced the decline of financial stocks after data showed that China's new yuan loans in October fell 14 percent year on year, casting shadow on a recovering economy. The Industrial and Commercial Bank of China, the nation's largest lender, lost 1 percent to 3.86 yuan. China Construction Bank shed 1.2 percent to 4.26 yuan. China Merchants Bank dropped 2 percent to 10.06 yuan.
Distilleries also fell. Kweichow Moutai Co, a leading producer of high-end liquor in China, slipped 2.4 percent to 226 yuan. Sichuan Tuopai Shede Wine Co retreated 2.8 percent to 27.43 yuan. Sichuan Swellfun Co lost 1.3 percent to 22.61 yuan.
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