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Shanghai index hits high on property chips
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SHANGHAI stocks rose to a 20-month-high today, as investors showed great optimism in the real estate sector that was boosted by recent regulatory policies. The Shanghai Composite Index gained 0.80 percent to 2,382.79 points.
The China Banking Regulatory Commission and the central bank released on September 30 a joint notice to improve financial services concerning the real estate industry.
New policies include a prolonged loan period for public housing and loosened loan rules toward individual buyers. The notice also encouraged real estate companies to enlarge equity trading.
Shanghai Fenghwa Group rose by the daily limit of 10 percent to 13.70 yuan (US$2.24), Hua Yuan Property surged 9.94 percent to 3.87 yuan, while Shandong Tyan Home gained 5.68 percent to 11.53 yuan.
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