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Stock volatile on property curb inspections
By Ye Zhen |
July 25, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares swung between gains and losses this morning after the government decided to launch inspections on the implementation of curb measures on property market.
The key Shanghai Composite Index edged up 0.06 percent to 2,147.77 points. Turnover stood at 21 billion yuan (US$3.3 billion) by the noon break.
China will launch inspections late this month to investigate the execution of restriction policies on housing markets in 16 cities including Beijing, Tianjin, Shanghai and Guangdong, the State Council said in a statement yesterday.
The government will send eight teams to inspect the implementation of home purchase limits, differential credit policies and tax polices, as well as the land supply and management situation, according to the statement.
The move is an effort to "further ensure property tightening measures are implemented, speculative housing demand is curbed, and to strengthen the effects of the property tightening measures," the statement said.
China Vanke, the nation's biggest developer, lost 2 percent to 9.15 yuan. Poly Real Estate, the second largest developer, fell 1.7 percent to 11.24 yuan. Gemdale Corporation retreated 1.7 percent to 5.94 yuan.
Lenders gained in the morning trading. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.3 percent to 3.69 yuan. China Construction Bank Corporation rose 0.3 percent to 3.90 yuan. Agricultural Bank of China increased 0.4 percent to 2.45 yuan.
Insurers were mixed. China Life Insurance, the country's biggest insurer, climbed 0.4 percent to 19.90 yuan. Ping An Insurance Co, China's second largest insurer, rose 0.7 percent to 45.25 yuan. While China Pacific Insurance (Group) Co shed 0.5 percent to 22.86 yuan.
The key Shanghai Composite Index edged up 0.06 percent to 2,147.77 points. Turnover stood at 21 billion yuan (US$3.3 billion) by the noon break.
China will launch inspections late this month to investigate the execution of restriction policies on housing markets in 16 cities including Beijing, Tianjin, Shanghai and Guangdong, the State Council said in a statement yesterday.
The government will send eight teams to inspect the implementation of home purchase limits, differential credit policies and tax polices, as well as the land supply and management situation, according to the statement.
The move is an effort to "further ensure property tightening measures are implemented, speculative housing demand is curbed, and to strengthen the effects of the property tightening measures," the statement said.
China Vanke, the nation's biggest developer, lost 2 percent to 9.15 yuan. Poly Real Estate, the second largest developer, fell 1.7 percent to 11.24 yuan. Gemdale Corporation retreated 1.7 percent to 5.94 yuan.
Lenders gained in the morning trading. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.3 percent to 3.69 yuan. China Construction Bank Corporation rose 0.3 percent to 3.90 yuan. Agricultural Bank of China increased 0.4 percent to 2.45 yuan.
Insurers were mixed. China Life Insurance, the country's biggest insurer, climbed 0.4 percent to 19.90 yuan. Ping An Insurance Co, China's second largest insurer, rose 0.7 percent to 45.25 yuan. While China Pacific Insurance (Group) Co shed 0.5 percent to 22.86 yuan.
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