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Stocks gain on easing property curbs speculation
By Hu Xiaocen |
February 22, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session on speculation that Shanghai is taking measures to relax property curbs.
The Shanghai Composite Index gained 0.45 percent, or 10.73 points to 2,392.16 by noon break with turnover at 51.4 billion yuan (US$8.2 billion).
Shanghai might take measures to relax house purchase restrictions, Shanghai Securities News reported today. Long-term residence permit holders who have lived in the city for more than three years are allowed to buy a second home, said the newspaper.
Due to the government's control of housing purchase to curb the property market, Shanghainese born in the city were limited to buying a second home. Now the government allows a broader pool of buyers by loosening the definition of locals.
The latest easing may boost the city's home sales by 20 percent to 30 percent, said Bloomberg News.
Property developers rallied 2.16 percent on average by the noon break. China Vanke Co, the nation's biggest developer jumped 2.27 percent to 8.1 yuan. Poly Real Estate Group gained 1.73 to 11.17 yuan. Gree Real Estate Co soared 4.22 percent to 6.18 yuan.
Premier Wen Jiabao reiterated earlier that China will not waver its control on the property market until prices return to reasonable levels.
There's no relaxation or changes to the existing policies, said Shanghai Housing Authority, denying the news.
The Shanghai Composite Index gained 0.45 percent, or 10.73 points to 2,392.16 by noon break with turnover at 51.4 billion yuan (US$8.2 billion).
Shanghai might take measures to relax house purchase restrictions, Shanghai Securities News reported today. Long-term residence permit holders who have lived in the city for more than three years are allowed to buy a second home, said the newspaper.
Due to the government's control of housing purchase to curb the property market, Shanghainese born in the city were limited to buying a second home. Now the government allows a broader pool of buyers by loosening the definition of locals.
The latest easing may boost the city's home sales by 20 percent to 30 percent, said Bloomberg News.
Property developers rallied 2.16 percent on average by the noon break. China Vanke Co, the nation's biggest developer jumped 2.27 percent to 8.1 yuan. Poly Real Estate Group gained 1.73 to 11.17 yuan. Gree Real Estate Co soared 4.22 percent to 6.18 yuan.
Premier Wen Jiabao reiterated earlier that China will not waver its control on the property market until prices return to reasonable levels.
There's no relaxation or changes to the existing policies, said Shanghai Housing Authority, denying the news.
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