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Stocks tumble on Wen's home price comments
By Hu Xiaocen |
March 14, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks plunged in early afternoon trade on slumping property developers after Premier Wen Jiabao said home prices are still "far from reasonable" levels.
By 2pm the Shanghai Composite Index had lost 1.67 percent, or 40.89 points to 2,414.79 鈥 reversing an advance of 0.74 percent in the morning session. Property stocks lost 2.74 percent on average by the time.
"Now I can clearly tell you that housing prices are far from reasonable prices. Therefore, the controls can not be relaxed," Wen said in press conference this morning.
By 2pm the Shanghai Composite Index had lost 1.67 percent, or 40.89 points to 2,414.79 鈥 reversing an advance of 0.74 percent in the morning session. Property stocks lost 2.74 percent on average by the time.
"Now I can clearly tell you that housing prices are far from reasonable prices. Therefore, the controls can not be relaxed," Wen said in press conference this morning.
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