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Shanghai shares higher, helped by property sector
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SHANGHAI stocks advanced this morning on gains of real estate developers and building materials producers.
The benchmark Shanghai Composite Index rose 0.42 percent, or 8.54 points, to 2,056. Half-day turnover was 43.3 billion yuan (US$7.1 billion).
“The property sector is experiencing a recovery following recent regulatory easing,” BOC International (China) Ltd said in a note today.
The broker expected a gauge of the property sector to rebound more than 30 percent.
Real estate stocks have rallied for two weeks amid signs that authorities may have lifted a four-year ban on refinancing by homebuilders and with the launch of a preferred-share program offering property companies a new funding vehicle.
Poly Real Estate jumped 6.9 percent to 8.23 yuan. China Fortune Land Co Ltd surged 8.2 percent to 30.62 yuan. Gemdale Corporation added 2.9 percent to 7.10 yuan.
Building materials also gained. Anhui Conch Cement Co Ltd rose 4.1 percent to 16.95 yuan. BBMG Corporation, one of the largest building materials manufacturers in China, soared 9.9 percent to 7.19 yuan.
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