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Shanghai shares gain on strength in real estate sector
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SHANGHAI stocks gained today, lifted by property developers on expectations the government will ease controls on the sector and urbanization will accelerate.
The Shanghai Composite Index rose 0.32 percent, or 6.49 points, to 2,059.58. Turnover was 92.6 billion yuan (US$15.2 billion) at the trading close.
Property shares led the market after the government work report for 2014 said China will vary property regulations for different cities and increase supply of commodity housing and shared-ownership properties to curb speculative demand and promote healthy development of the real-estate sector.
“Compared with last year’s report in which the government urged to build a housing control system, the wording is much softer in this year’s report, signaling the loosening of government control over the sector,” Yi Huaqiang, analyst with Huarong Securities, said in a report today.
“Meanwhile, promoting urbanization remains a priority for the government. That would help boost home demand,” Yi said.
Poly Real Estate, China’s second largest developer, surged 5.4 percent to 7.01 yuan. China Fortune Land Co Ltd jumped 6.9 percent to 21.56 yuan. Gemdale Corporation added 2.7 percent to close at 6.40 yuan.
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