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Shanghai shares dive amid fear of further real estate curb
By Ye Zhen |
August 20, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks plunged this morning amid worries the central government may tighten property restrictions as home price rebounded in July.
The key Shanghai Composite Index lost 0.87 percent, or 18.43 points to 2,096.46 points. Turnover stood at 18.9 billion yuan (US$3 billion) at midday.
Excluding government-funded affordable housing, home prices rose in 50 out of the 70 monitored cities across China last month, doubled the number in June, the National Bureau of Statistics said on Saturday.
Home prices were driven up by the strong demand of genuine homebuyers and adjusted monetary policy, said Zhu Zhongyi, deputy director of the China Real Estate Association.
Analysts said the government might tighten real estate policy by expanding property tax trial to more cities or raising the threshold of presale if home prices continued to rise.
Property developers slumped in morning trading. China Vanke, the nation's biggest developer, fell 2.7 percent to 8.38 yuan. Poly Real Estate, the second largest developer, dropped 3.4 percent to 9.98 yuan. Gemdale Corporation retreated 3.5 percent to 5.23 yuan.
China Pacific Insurance (Group) Co paced a decline for insurers, falling 2.6 percent to 19.51 yuan, after it reported a 54.6 percent drop in first-half net profit. China Life Insurance, the country's biggest insurer, shrank 2 percent to 17.22 yuan. Ping An Insurance Co, China's second largest insurer, skidded 1.9 percent to 40.84 yuan.
Distilleries gained against the falling index as Yibin Wuliangye Co, China's leading distilery, posted a 50.07 percent annual gain in first-half net profits. Kweichow Moutai Co added 0.8 percent to 231.45 yuan. Sichuan Tuopai Shede Liquor Co rose 0.7 percent to 33.10 yuan. Shanxi Xinghuacun Co increased 1.6 percent to 37.90 yuan.
The key Shanghai Composite Index lost 0.87 percent, or 18.43 points to 2,096.46 points. Turnover stood at 18.9 billion yuan (US$3 billion) at midday.
Excluding government-funded affordable housing, home prices rose in 50 out of the 70 monitored cities across China last month, doubled the number in June, the National Bureau of Statistics said on Saturday.
Home prices were driven up by the strong demand of genuine homebuyers and adjusted monetary policy, said Zhu Zhongyi, deputy director of the China Real Estate Association.
Analysts said the government might tighten real estate policy by expanding property tax trial to more cities or raising the threshold of presale if home prices continued to rise.
Property developers slumped in morning trading. China Vanke, the nation's biggest developer, fell 2.7 percent to 8.38 yuan. Poly Real Estate, the second largest developer, dropped 3.4 percent to 9.98 yuan. Gemdale Corporation retreated 3.5 percent to 5.23 yuan.
China Pacific Insurance (Group) Co paced a decline for insurers, falling 2.6 percent to 19.51 yuan, after it reported a 54.6 percent drop in first-half net profit. China Life Insurance, the country's biggest insurer, shrank 2 percent to 17.22 yuan. Ping An Insurance Co, China's second largest insurer, skidded 1.9 percent to 40.84 yuan.
Distilleries gained against the falling index as Yibin Wuliangye Co, China's leading distilery, posted a 50.07 percent annual gain in first-half net profits. Kweichow Moutai Co added 0.8 percent to 231.45 yuan. Sichuan Tuopai Shede Liquor Co rose 0.7 percent to 33.10 yuan. Shanxi Xinghuacun Co increased 1.6 percent to 37.90 yuan.
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