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Stocks plunge on 'chilly' property market
By Feng Jianmin |
December 13, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after data showed China's property market was still "chilly" despite recent price cuts.
The benchmark Shanghai Composite Index was down 1.33 percent to 2,261.15 points. Turnover rose to 26.4 billion yuan (US$4.2 billion) from yesterday morning's 17.8 billion yuan.
Home sales among most of China's largest 20 property developers has dropped in November, China Securities Journal reported today, adding to industry speculation that property prices will fall extensively across China.
Housing transactions in 13 cities out of 35 tracked by Soufun in the past week plunged more than 50 percent, while a total 27 cities reported cooling transactions, China's largest real estate website said yesterday.
China Vanke fell 1 percent to 7.23 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co shed 2 percent to 12.03 yuan.
The benchmark Shanghai Composite Index was down 1.33 percent to 2,261.15 points. Turnover rose to 26.4 billion yuan (US$4.2 billion) from yesterday morning's 17.8 billion yuan.
Home sales among most of China's largest 20 property developers has dropped in November, China Securities Journal reported today, adding to industry speculation that property prices will fall extensively across China.
Housing transactions in 13 cities out of 35 tracked by Soufun in the past week plunged more than 50 percent, while a total 27 cities reported cooling transactions, China's largest real estate website said yesterday.
China Vanke fell 1 percent to 7.23 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co shed 2 percent to 12.03 yuan.
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