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Shanghai market slumps 2.03%, led by homebuilders
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SHANGHAI stocks tumbled in morning trading as property developers and building material producers slumped over reports that some Chinese banks have tightened credit for homebuilders.
The benchmark Shanghai Composite Index fell 2.03 percent, or 42.99 points, to 2,070.70. Half-day turnover was 61.3 billion yuan (US$10 billion).
Industrial Bank Co Ltd has suspended new loans to the real estate sector, including lending to steel, cement and construction companies, The Shanghai Securities News reported today.
In a notice issued by the bank, it ordered its staff to suspend mezzanine financing and supply-chain financing in the real estate sector until the end of March.
Property developers declined. Poly Real Estate, China’s second-largest homebuilder, plunged 8.2 percent to 6.79 yuan. Gree Real Estate Co Ltd fell by the daily limit of 10 percent to 8.88 yuan. China Enterprise Co Ltd also lost 10 percent to 6.65 yuan.
Construction firms also sank. China State Construction Engineering Corp Ltd lost 4 percent to 2.87 yuan. Shanghai Pudong Road and Bridge Construction Co Ltd slumped 6.8 percent to 10.44 yuan.
Cement producers retreated as well. Anhui Conch Cement Co Ltd dropped 5.2 percent to 14.89 yuan. Huaxin Cement Co Ltd slid 5.7 percent to 10.34 yuan.
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