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Stocks fall as developers hit by property control fears
By Ye Zhen |
July 26, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI equity market fell to a new three-year low, as heavily-weighted property developers dived on speculation the government won't ease real estate curbs.
The key Shanghai Composite Index lost 0.48 percent, or 10.15 points to 2,126 points. Turnover was 44.9 billion yuan (US$7 billion) at the trading close.
"China's local governments must not challenge Beijing on property market controls, especially its limits on home purchases," the state-owned Xinhua News Agency said in a commentary on the government's decision to inspect the local implementation of curb measures in 16 cities.
Chen Guoqiang, vice-president of China Real Estate Society, said housing inventory is still high for now. The nation's property sector will continue to be under pressure in terms of capital if the government keeps policies tight, he added.
China Vanke, the nation's biggest developer, dropped 2.1 percent to 8.91 yuan. Poly Real Estate, the second largest developer, sank 3.9 percent to 10.72 yuan. Gemdale Corporation tumbled 2.7 percent to 5.71 yuan.
Most oil-related stocks traded bearish. Offshore Oil Engineering Co retreated 1.6 percent to 5.99 yuan. PetroChina Co, the nation's second biggest oil refiner shed 0.6 percent to 8.82 yuan. Meanwhile, China Petroleum and Chemical Co, the country's largest oil refiner, added 0.3 percent to 6.07 yuan.
China Life Insurance, the country's biggest insurer, fell 1 percent to settle at 19.49 yuan although the government decided to double the amount that insurers can invest in private equity, in an effort to broaden investment scope for insurance funds.
The key Shanghai Composite Index lost 0.48 percent, or 10.15 points to 2,126 points. Turnover was 44.9 billion yuan (US$7 billion) at the trading close.
"China's local governments must not challenge Beijing on property market controls, especially its limits on home purchases," the state-owned Xinhua News Agency said in a commentary on the government's decision to inspect the local implementation of curb measures in 16 cities.
Chen Guoqiang, vice-president of China Real Estate Society, said housing inventory is still high for now. The nation's property sector will continue to be under pressure in terms of capital if the government keeps policies tight, he added.
China Vanke, the nation's biggest developer, dropped 2.1 percent to 8.91 yuan. Poly Real Estate, the second largest developer, sank 3.9 percent to 10.72 yuan. Gemdale Corporation tumbled 2.7 percent to 5.71 yuan.
Most oil-related stocks traded bearish. Offshore Oil Engineering Co retreated 1.6 percent to 5.99 yuan. PetroChina Co, the nation's second biggest oil refiner shed 0.6 percent to 8.82 yuan. Meanwhile, China Petroleum and Chemical Co, the country's largest oil refiner, added 0.3 percent to 6.07 yuan.
China Life Insurance, the country's biggest insurer, fell 1 percent to settle at 19.49 yuan although the government decided to double the amount that insurers can invest in private equity, in an effort to broaden investment scope for insurance funds.
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