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Shanghai index up 0.79%, lifted by homebuilders, lenders
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SHANGHAI stocks rallied this morning, led by real estate and financial firms. The key Shanghai Composite Index gained 0.79 percent, or 15.81 points, to 2,009.29. Turnover reached 46.3 billion yuan (US$7.6 billion) by the noon break.
Property developers outperformed amid expectations that the central government will ease control on the housing sector as two listed homebuilders were given regulatory approval to refinance through private placement.
The go-ahead is a sign that the regulator may have lifted a four-year ban on listing and refinancing by real estate companies.
“The government used to impose restrictions on the sector by limiting funding and depressing demand. The latest move signaled that the government is moving more toward a market-oriented stance,” said Dongguan Securities.
“That would help property developers to reduce funding costs and boost profitability,” said the brokerage.
Poly Real Estate gained 4 percent to 7.01 yuan. China Fortune Land Co surged 8.5 percent to 25.43 yuan. Gemdale Corporation rose 3.4 percent to 6.60 yuan.
Financial shares were among big winners. Shanghai Pudong Development Bank Co Ltd increased 5.2 percent to 9.46 yuan. Industrial Bank Co Ltd climbed 2.7 percent to 9.13 yuan. China Minsheng Banking Corp Ltd rose 2.1 percent to 7.35 yuan.
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