Stocks rise for 4th day in row
Print Edition
Shanghai stocks rose for the fourth day in a row yesterday as property developers advanced on signs of easing control on their refinancing.
The Shanghai Composite Index edged up 0.02 percent to 2,029.42 points yesterday and ended the week with a 0.92 percent increase.
Approval of refinancing applications by real estate developers was suspended in 2010 as the government reined in soaring home prices.
Companies listed on domestic markets had refinanced an aggregated of 343 billion yuan (US$56 billion) from January to July, the China Securities Regulatory Commission said yesterday.
It noted the amount was lower than the total proceeds of 1,877 billion yuan from initial public offerings between 2003 and 2012, rebutting a market saying that excess refinancing this year surpassed the total fundraising from IPOs in the past 10 years.
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