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Stocks down as state reaffirms housing curbs
By Ye Zhen |
July 20, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI shares traded lower this morning after China ordered local governments to firmly adhere to housing restrictions to prevent home prices from rebounding.
The key Shanghai Composite Index fell 0.42 percent to 2,175.75 points and turnover stood at 29.1 billion yuan (US$4.6 billion) by the noon break.
"Local governments should strictly implement curbs on the property market and should not relax the controls without authorization. Those who have taken loosening measures should correct them immediately," the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in an urgent circular.
The circular came after data showed home prices in June had risen from a month earlier in 25 of 70 cities, compared with six out of 70 cities in May that saw home prices increasing.
Most property developers tumbled on the announcement. China Vanke, the nation's biggest developer, shed 0.8 percent to 9.36 yuan. Poly Real Estate, the second largest developer, dropped 1.6 percent to 11.37 yuan. Gemdale Corporation lost 0.8 percent to 5.97 yuan.
Citic Securities, China's biggest listed brokerage, paced a loss for brokerages after the company said its net profit decreased 24.4 percent from a year earlier in the first half this year. Haitong Securities Co lost 1 percent to 9.95 yuan. Soochow Securities Co fell 0.9 percent to 8.70 yuan.
Lenders also fell. China Construction Bank Corporation shed 0.5 percent to 3.78 yuan. Agricultural Bank of China dipped 0.4 percent to 2.48 yuan. China Merchants Bank lost 1 percent to 10 yuan.
The key Shanghai Composite Index fell 0.42 percent to 2,175.75 points and turnover stood at 29.1 billion yuan (US$4.6 billion) by the noon break.
"Local governments should strictly implement curbs on the property market and should not relax the controls without authorization. Those who have taken loosening measures should correct them immediately," the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in an urgent circular.
The circular came after data showed home prices in June had risen from a month earlier in 25 of 70 cities, compared with six out of 70 cities in May that saw home prices increasing.
Most property developers tumbled on the announcement. China Vanke, the nation's biggest developer, shed 0.8 percent to 9.36 yuan. Poly Real Estate, the second largest developer, dropped 1.6 percent to 11.37 yuan. Gemdale Corporation lost 0.8 percent to 5.97 yuan.
Citic Securities, China's biggest listed brokerage, paced a loss for brokerages after the company said its net profit decreased 24.4 percent from a year earlier in the first half this year. Haitong Securities Co lost 1 percent to 9.95 yuan. Soochow Securities Co fell 0.9 percent to 8.70 yuan.
Lenders also fell. China Construction Bank Corporation shed 0.5 percent to 3.78 yuan. Agricultural Bank of China dipped 0.4 percent to 2.48 yuan. China Merchants Bank lost 1 percent to 10 yuan.
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