Stocks slip for 5th week in row
By Ye Zhen |
July 21, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell for the first time in four days after China ordered local governments to keep a firm grip on the property market to prevent home prices from rebounding.
The key Shanghai Composite Index fell 0.74 percent to 2,168.64 points. The index lost 0.79 percent this week, the fifth straight weekly decline.
"Local governments should strictly implement curbs on the property market and should not relax such controls without authorization," the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in an urgent circular.
It also ordered cities that had loosened policies to put the restrictions back in place.
"The announcement comes as the real estate market has warmed up and home prices have started to rebound," said Yang Hongxu, a senior researcher at E-House China Research and Development Institute in Shanghai. "It's possible that the government may introduce new restrictions on the housing market."
Property developers tumbled on the circular. Poly Real Estate, China's second-largest listed developer, dropped 1.8 percent to 11.35 yuan (US$1.78). Gemdale Corp lost 2.2 percent to 5.89 yuan.
Cement producers also fell on speculation new property market restrictions will curb cement demand. Anhui Conch Cement Co sank 2.3 percent to close at 14.59 yuan.
The key Shanghai Composite Index fell 0.74 percent to 2,168.64 points. The index lost 0.79 percent this week, the fifth straight weekly decline.
"Local governments should strictly implement curbs on the property market and should not relax such controls without authorization," the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in an urgent circular.
It also ordered cities that had loosened policies to put the restrictions back in place.
"The announcement comes as the real estate market has warmed up and home prices have started to rebound," said Yang Hongxu, a senior researcher at E-House China Research and Development Institute in Shanghai. "It's possible that the government may introduce new restrictions on the housing market."
Property developers tumbled on the circular. Poly Real Estate, China's second-largest listed developer, dropped 1.8 percent to 11.35 yuan (US$1.78). Gemdale Corp lost 2.2 percent to 5.89 yuan.
Cement producers also fell on speculation new property market restrictions will curb cement demand. Anhui Conch Cement Co sank 2.3 percent to close at 14.59 yuan.
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