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Shanghai shares down 0.94% in morning session
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DROPS in real estate stocks dragged the Shanghai Composite Index down 0.94 percent to 2,006.20, shy of the sensitive 2,000-point level after the central bank denied media reports that it tried to bail out an insolvent homebuilder in Zhejiang. Half-day turnover was 51.5 billion yuan (US$8.4 billion).
The index has verged on the 2,000-point level for several weeks as investors vacillate between hope for benefits from reforms and fear for economic downtown and credit default.
The People’s Bank denied attending emergency talks about whether to bail out the debt-ridden Zhejiang Xingrun Real Estate Co, the central bank said on its Weibo microblog yesterday.
The unlisted Zhejiang Xingrun is reportedly unable to repay 3.5 billion yuan of debts, including 2.4 billion yuan of loans from 19 commercial banks.
The case added to concerns about corporate defaults in China after Shanghai Chaori Solar Energy Science & Technology Co, a solar cell maker, failed to pay 89.8 million yuan in loan interests early this month.
Poly Real Estate fell 2.8 percent to 6.69 yuan. China Fortune Land Co Ltd slumped 4.6 percent to 22 yuan. Cinda Real Estate Co Ltd lost 3.7 percent to 3.36 yuan.
Oil shares also retreated. China Oilfield Services Ltd declined 4.6 percent to 17.74 yuan. Offshore Oil Engineering Co Ltd sank 3.8 percent to 7.66 yuan.
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