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Shanghai index up 0.56%, led by property-related shares
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SHANGHAI stocks advanced today on gains of real estate developers and building materials producers after media reported that some local governments are considering easing restrictions on home purchases.
The benchmark Shanghai Composite Index rose 0.56 percent, or 11.53 points, to 2,058.99. Turnover was 77.9 billion yuan (US$12.8 billion).
“The property sector is experiencing a recovery following recent regulatory easing,” BOC International (China) Ltd said in a note. The broker expected the property sector to rebound by more than 30 percent.
Today’s Shanghai Securities News reported that several cities, including Hangzhou and Changsha, are planning to ease restrictions on home purchases and to lower the threshold for second-home buyers.
Real estate stocks have rallied for two weeks, amid signs that authorities may have lifted a four-year ban on refinancing by homebuilders and with the launch of the preferred-share program that offers a new funding channel for property developers.
Poly Real Estate jumped 7 percent to 8.24 yuan. China Fortune Land Co Ltd surged 9.6 percent to 31.02 yuan. Gemdale Corporation added 2.8 percent to 7.09 yuan.
Building materials also gained. Anhui Conch Cement Co Ltd rose 4.1 percent to 16.96 yuan. BBMG Corporation, one of the largest building materials manufacturers in China, soared 9.9 percent to 7.19 yuan.
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