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September 26, 2017

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Slump in realty shares pulls index down

SHANGHAI stocks fell yesterday as property developers slumped after a new round of government curbs to rein in the heated housing market.

The Shanghai Composite Index lost 0.33 percent to 3,341.55 points.

Property companies were the biggest drag in the market, with an index tracking major developers tumbling 5.1 percent in its worst day since early 2016.

A number of provincial capitals across China have rolled out new measures to further slow home property sales and bear down on lingering speculators that could destabilize markets.

There were also signs the authorities are stepping up their efforts to crack down on illegal lending to the sector.

Huayuan Property Co fell 7.18 percent to 4.27 yuan (65 US cents), and Sichuan Languang Development Co sank by the daily limit of 10 percent to 9.20 yuan.

This week, locked shares worth about 92.35 billion yuan will become eligible for trading on the Shanghai and Shenzhen stock exchanges. The value of these shares will more than double that of last week.

YTO Express Group, CCOOP Group and CECEP Wind-Power Corp are among the 44 companies which have shares to be unlocked this week.


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