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Shanghai shares gain over easing control on home developers
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SHANGHAI stocks advanced in morning trading as property developers rallied after two listed homebuilders were given regulatory green light to refinance, indicating the government may relax control on the sector.
The benchmark Shanghai Composite Index added 0.35 percent, or 7.12 points, to 2,028.85. Half-day turnover was 46.4 billion yuan (US$7.6 billion).
Shanghai-listed JOIN·IN (Holding) Co Ltd said it received approval from the China Securities Regulatory Commission to offer A shares through private placement, the property company said in a statement today.
Tianjin Tianbao Infrastructure Co Ltd, which is traded on the Shenzhen bourse, said it also got an go-ahead from the CSRC to offer A shares through private placement.
The CSRC has suspended the listing and refinancing moves by real estate firms in an effort to rein in soaring home prices. Analysts said the go-aheads signal that the government is ready to reopen the capital market to property developers.
China Fortune Land Co Ltd increased 4.6 percent to 24.14 yuan. Beijing Capital Development Co Ltd rose 5.2 percent to 4.84 yuan. Poly Real Estate added 1.8 percent to 6.89 yuan.
Shanghai Pudong Development Bank Co Ltd also gained in morning trading, adding 1.1 percent to 9.15 yuan after it reported a 19.7 percent increase in net profit last year.
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