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Stocks at 3-year low on tighter housing curbs
By Ye Zhen |
July 25, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell to a three-year low, dragged down by property developers, after the government unveiled plans to strengthen implementation of property restriction policies.
The benchmark Shanghai Composite Index fell 0.49 percent, or 10.44 points to settle at 2,136.15 points. Turnover was 41.1 billion yuan (US$6.5 billion).
China will send eight teams late this month to investigate the execution of restriction policies on housing markets in 16 cities, the State Council said in a statement yesterday.
The move is in 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.
"The investigation will undoubtedly increase market expectation over a tighter control on property market in the second half of the year," said Chang Qing, an analyst with Homelink Real Estate Co.
China Vanke, the nation's biggest developer, lost 2.5 percent to 9.10 yuan. Poly Real Estate, the second largest developer, fell 2.5 percent to 11.15 yuan. Gemdale Corporation retreated 2.8 percent to 5.87 yuan.
Coal producers lost on falling demand. China Shenhua Energy Co, the nation's biggest coal producer fell 1.3 percent to 21.68 yuan. Shanxi Lanhua Sci-Tech Venture Co retreated 2.2 percent to 18.99 yuan.
It is estimated that total consumption of coal products in the first half year rose 2.8 percent from a year earlier, compared with increase of 9.4 percent in the same period last year.
The benchmark Shanghai Composite Index fell 0.49 percent, or 10.44 points to settle at 2,136.15 points. Turnover was 41.1 billion yuan (US$6.5 billion).
China will send eight teams late this month to investigate the execution of restriction policies on housing markets in 16 cities, the State Council said in a statement yesterday.
The move is in 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.
"The investigation will undoubtedly increase market expectation over a tighter control on property market in the second half of the year," said Chang Qing, an analyst with Homelink Real Estate Co.
China Vanke, the nation's biggest developer, lost 2.5 percent to 9.10 yuan. Poly Real Estate, the second largest developer, fell 2.5 percent to 11.15 yuan. Gemdale Corporation retreated 2.8 percent to 5.87 yuan.
Coal producers lost on falling demand. China Shenhua Energy Co, the nation's biggest coal producer fell 1.3 percent to 21.68 yuan. Shanxi Lanhua Sci-Tech Venture Co retreated 2.2 percent to 18.99 yuan.
It is estimated that total consumption of coal products in the first half year rose 2.8 percent from a year earlier, compared with increase of 9.4 percent in the same period last year.
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