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Shanghai shares drop, led by developers and lenders
By Joyce Pan |
April 22, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped nearly 1 percent in the morning session, led by property developers and lenders on media reports that China will tighten rules to define "second home" ownership.
The government will resort to housing registry to determine whether a family already owns a home instead of looking at the family's outstanding mortgage, Yang Jicai, a China Banking Regulatory Commission director, told Shanghai Securities News.
Last week, the central government raised the down payment requirement for second-home buyers to 50 percent from 40 percent and ordered extra 10 percent interest rates on second-home mortgages. But the definition of second-home buyers was not specified.
The benchmark Shanghai Composite Index fell 0.83 percent, or 25.11 points to 3,008.17 points. Turnover stood at 83.1 billion yuan (US$12.2 billion). Losers outnumbered gainers 462 to 396 and 15 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.26 percent to close at 1,214.75 points.
Shanghai-based Shimao Co plunged 2.9 percent to 12.2 yuan. Poly Real Estate Group, the country's second-largest listed developer, dipped 0.3 percent to 16.94 yuan. Shanghai Lujiazui Finance & Trade Zone withdrew 2 percent to 20.20 yuan.
Bank of Communications, part-owned by HSBC Holdings Plc, slid 3.9 percent to 7.41 yuan. Bloomberg News quoted Dicky Yip, an executive vice-president, as saying the bank had an obvious drop in mortgage loans in February and March as the government seeks to rein in lending and curb property speculation.
China Construction Bank closed 3 percent lower to 5.19 yuan while Shanghai Pudong Development Bank retreated 2.3 percent to 20.39 yuan.
PetroChina Co lowered 1.4 percent to 13.39 yuan and Sinopec was off 1.9 percent to 10.54 yuan. Crude oil for June delivery dropped 0.4 percent to US$83.32 a barrel in New York.
The government will resort to housing registry to determine whether a family already owns a home instead of looking at the family's outstanding mortgage, Yang Jicai, a China Banking Regulatory Commission director, told Shanghai Securities News.
Last week, the central government raised the down payment requirement for second-home buyers to 50 percent from 40 percent and ordered extra 10 percent interest rates on second-home mortgages. But the definition of second-home buyers was not specified.
The benchmark Shanghai Composite Index fell 0.83 percent, or 25.11 points to 3,008.17 points. Turnover stood at 83.1 billion yuan (US$12.2 billion). Losers outnumbered gainers 462 to 396 and 15 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.26 percent to close at 1,214.75 points.
Shanghai-based Shimao Co plunged 2.9 percent to 12.2 yuan. Poly Real Estate Group, the country's second-largest listed developer, dipped 0.3 percent to 16.94 yuan. Shanghai Lujiazui Finance & Trade Zone withdrew 2 percent to 20.20 yuan.
Bank of Communications, part-owned by HSBC Holdings Plc, slid 3.9 percent to 7.41 yuan. Bloomberg News quoted Dicky Yip, an executive vice-president, as saying the bank had an obvious drop in mortgage loans in February and March as the government seeks to rein in lending and curb property speculation.
China Construction Bank closed 3 percent lower to 5.19 yuan while Shanghai Pudong Development Bank retreated 2.3 percent to 20.39 yuan.
PetroChina Co lowered 1.4 percent to 13.39 yuan and Sinopec was off 1.9 percent to 10.54 yuan. Crude oil for June delivery dropped 0.4 percent to US$83.32 a barrel in New York.
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