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Stocks flat as government quashes hopes tough property policies will end
By Ye Zhen |
June 6, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended nearly flat today after the government reaffirmed its commitment to curb speculative property demand, dashing hopes the country may seek an economic boost from loosening tough real estate policies.
The benchmark Shanghai Composite Index edged down 0.1 percent, or 2.36 points to 2,305.55 points. Turnover was 58.6 billion yuan (US$9.3 billion).
The government will stick to curbing speculative property demand and continue to impose measures designed to cool the property market. This includes the differentiated credit, property tax and purchase restriction policies, the Ministry of Housing and Urban-Rural Development said on its website today.
The statement is in response to recent reports saying the government plans to ease property purchase restrictions in order to maintain steady economic growth.
Some local governments, including Foshan in Guangdong Province, Wuhu in Anhui Province, and Shanghai have introduced measures to counteract the central government's tough real estate policies.
The ministry said they would pay close attention to such moves and would stem improper measures without delay.
Property developers lost on the statement. China Vanke, the nation's biggest developer, dropped 1.4 percent to 8.98 yuan. Poly Real Estate, the second largest developer, ended flat at 13.52 yuan. Gemdale Corporation fell 0.9 percent to 6.74 yuan.
Most lenders gained as new yuan loans in May increased almost 800 billion yuan from April, indicating the nation's investment activity is recovering. China Merchants Bank Co rose 1.21 percent to close at 11.68 yuan. China Construction Bank Corporation added 0.7 percent to 4.49 yuan. Industrial and Commercial Bank of China Ltd, the nation's largest lender, ended flat at 4.20 yuan.
The benchmark Shanghai Composite Index edged down 0.1 percent, or 2.36 points to 2,305.55 points. Turnover was 58.6 billion yuan (US$9.3 billion).
The government will stick to curbing speculative property demand and continue to impose measures designed to cool the property market. This includes the differentiated credit, property tax and purchase restriction policies, the Ministry of Housing and Urban-Rural Development said on its website today.
The statement is in response to recent reports saying the government plans to ease property purchase restrictions in order to maintain steady economic growth.
Some local governments, including Foshan in Guangdong Province, Wuhu in Anhui Province, and Shanghai have introduced measures to counteract the central government's tough real estate policies.
The ministry said they would pay close attention to such moves and would stem improper measures without delay.
Property developers lost on the statement. China Vanke, the nation's biggest developer, dropped 1.4 percent to 8.98 yuan. Poly Real Estate, the second largest developer, ended flat at 13.52 yuan. Gemdale Corporation fell 0.9 percent to 6.74 yuan.
Most lenders gained as new yuan loans in May increased almost 800 billion yuan from April, indicating the nation's investment activity is recovering. China Merchants Bank Co rose 1.21 percent to close at 11.68 yuan. China Construction Bank Corporation added 0.7 percent to 4.49 yuan. Industrial and Commercial Bank of China Ltd, the nation's largest lender, ended flat at 4.20 yuan.
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