Shanghai index rises in morning

By Ye Zhen | August 2, 2013, Friday |

Online Edition

Shanghai stocks rose this morning, with the key index heading for a fourth straight day of gains, as property developers advanced on signs of easing control on their refinancing.

The Shanghai Composite Index rose 0.55 percent to 2,040.19 points.

Xinhu Zhongbao Co, a Hangzhou-based homebuilder, paced the gain of property sector, surging 9.9 percent to 3.65 yuan, after the company announced a private placement plan to raise as much as 5.5 billion yuan (US$902 million) to finance two real estate projects.

The plan is pending the regulatory approval but it strengthens expectation that the China Securities Regulatory Commission may relax its control on refinancing by homebuilders.

Poly Real Estate, China’s second-largest listed developer, jumped 4.1 percent to 10.97 yuan. Gemdale Corp increased 3.4 percent to 7.26 yuan.

The CSRC suspended approval of refinancing applications by real estate developers in October 2010 to comply with the central government’s decision to crack down on speculative home purchases and to rein in soaring home prices.

Photovoltaic firms gained after China Securities Journal reported that the government is planning to offer a 50 percent refund on value-added tax for solar power generators.

North Electro-Optic Co rose 3.6 percent to 22.05 yuan. Sanan Optoelectronics Co added 4.2 percent to 21.75 yuan.

Finance

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Shanghai index rises in morning

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