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Stocks jump 1.25% on property rally
By Hu Xiaocen |
February 24, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks jumped as property developers rallied on household registration reform and Shanghai's five-year property development plan.
The Shanghai Composite Index jumped 1.25 percent, or 30.07 points to 2,439.63 at the close of trade, extending its weekly gains to the sixth consecutive week. Turnover stood at 121.6 billion yuan (US$19.3 billion), the biggest amount since November 4.
According to an announcement made by the State Council, China has relaxed household registration in prefectures and county-level cities to migrant workers.
"The existing household registration system was the major factor that restricted the country's urbanization progress. The reform of the system will speed up the transformation process. Property developers are cheered by the news," Wind Information, a financial research firm, said on its microblog.
Han Hao, analyst at Minzu Securities was optimistic about the property market, as investment in national real estate development has paced an increase of 27.9 percent to 6.17 trillion yuan in 2011, according to the Bureau of Statistics data.
Shanghai posted its five-year plan for housing development yesterday. The government plans to differentiate tax and mortgage policies for homebuyers and to increase the supply of small-and-medium-sized units to actively support housing consumption.
Property developers rallied 3.72 percent on average. China Vanke Co, the nation's biggest developer soared 3.91 percent to 8.51 yuan. Poly Real Estate Group, the second-biggest developer surged 3.54 percent to 11.7 yuan.
Cement producers were also cheered by the news and rallied 3.86 percent on average. Anhui Conch Cement Co, the country's largest producer, jumped 3.63 percent to 18.28 yuan.
The Shanghai Composite Index jumped 1.25 percent, or 30.07 points to 2,439.63 at the close of trade, extending its weekly gains to the sixth consecutive week. Turnover stood at 121.6 billion yuan (US$19.3 billion), the biggest amount since November 4.
According to an announcement made by the State Council, China has relaxed household registration in prefectures and county-level cities to migrant workers.
"The existing household registration system was the major factor that restricted the country's urbanization progress. The reform of the system will speed up the transformation process. Property developers are cheered by the news," Wind Information, a financial research firm, said on its microblog.
Han Hao, analyst at Minzu Securities was optimistic about the property market, as investment in national real estate development has paced an increase of 27.9 percent to 6.17 trillion yuan in 2011, according to the Bureau of Statistics data.
Shanghai posted its five-year plan for housing development yesterday. The government plans to differentiate tax and mortgage policies for homebuyers and to increase the supply of small-and-medium-sized units to actively support housing consumption.
Property developers rallied 3.72 percent on average. China Vanke Co, the nation's biggest developer soared 3.91 percent to 8.51 yuan. Poly Real Estate Group, the second-biggest developer surged 3.54 percent to 11.7 yuan.
Cement producers were also cheered by the news and rallied 3.86 percent on average. Anhui Conch Cement Co, the country's largest producer, jumped 3.63 percent to 18.28 yuan.
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