Shanghai index up 6.7% for the week
By Lydia Chen |
October 29, 2011, Saturday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday rose for a fifth day, with the key index making the largest weekly gains in a year, amid speculation that China may start to ease tightening measures, including removing property curbs.
The Shanghai Composite Index climbed 1.6 percent to 2,473.41 points. The gauge advanced 6.7 percent this week, the biggest gain since the period ending October 15, 2010.
The cross-board rally came as officials with the country's top economic planning body said inflation is expected to slow to less than 5 percent within two months.
Property plays were lifted after the Beijing Morning Post cited the housing minister as saying that housing purchase curbs were a temporary measure. The authorities intended to replace restrictions with a plan to accelerate expansion of property taxes that would contribute information to a housing database that could help control the market.
Deposits for bidding on land for residential developments may be lowered to 20 percent, the Beijing Business Today reported. Deposits have been as high as 60 percent and payment schedules may be relaxed and land prices may also be lowered if the market is weak, the report said.
Poly Real Estate Group Co, China's second-largest developer by market value, added 4.4 percent to 10.17 yuan.
The Shanghai Composite Index climbed 1.6 percent to 2,473.41 points. The gauge advanced 6.7 percent this week, the biggest gain since the period ending October 15, 2010.
The cross-board rally came as officials with the country's top economic planning body said inflation is expected to slow to less than 5 percent within two months.
Property plays were lifted after the Beijing Morning Post cited the housing minister as saying that housing purchase curbs were a temporary measure. The authorities intended to replace restrictions with a plan to accelerate expansion of property taxes that would contribute information to a housing database that could help control the market.
Deposits for bidding on land for residential developments may be lowered to 20 percent, the Beijing Business Today reported. Deposits have been as high as 60 percent and payment schedules may be relaxed and land prices may also be lowered if the market is weak, the report said.
Poly Real Estate Group Co, China's second-largest developer by market value, added 4.4 percent to 10.17 yuan.
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