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Urban policy helps property sector to gain
By Ye Zhen |
December 27, 2012, Thursday
|
Print Edition
Print Edition
PROPERTY developers yesterday helped Shanghai stocks rise for a third day to a near six-month high on hopes that China's housing sector will recover as urbanization continues.
The Shanghai Composite Index rose 0.25 percent to 2,219.13 points, the highest close since July 6.
Property developers rose as investors hope the housing sector will benefit from continued urbanization and the government's affordable housing program.
"Property stocks are expected to outperform other main board-listed stocks next year because the housing sector is likely to warm up as urbanization accelerates," said Ruan Jun, analyst with Orient Securities.
The sector was further boosted after the Ministry of Housing and Urban-Rural Development said it will support buyers seeking a bigger house to improve residential conditions.
Meanwhile, Shenyin and Wanguo Securities said in a report that it expects home sales in China to rebound in 2013 and sees a slight rise in housing prices. Xiangcai Securities said the central government's move to raise compensation for farmers whose collectively-owned land is expropriated will encourage the population to migrate from rural areas to cities and boost the demand for homes.
Poly Real Estate Group, China's second-largest listed developer, increased 1.9 percent to 13.09 yuan (US$2.10). Gemdale Corp climbed 2.2 percent to settle at 6.54 yuan.
The Shanghai Composite Index rose 0.25 percent to 2,219.13 points, the highest close since July 6.
Property developers rose as investors hope the housing sector will benefit from continued urbanization and the government's affordable housing program.
"Property stocks are expected to outperform other main board-listed stocks next year because the housing sector is likely to warm up as urbanization accelerates," said Ruan Jun, analyst with Orient Securities.
The sector was further boosted after the Ministry of Housing and Urban-Rural Development said it will support buyers seeking a bigger house to improve residential conditions.
Meanwhile, Shenyin and Wanguo Securities said in a report that it expects home sales in China to rebound in 2013 and sees a slight rise in housing prices. Xiangcai Securities said the central government's move to raise compensation for farmers whose collectively-owned land is expropriated will encourage the population to migrate from rural areas to cities and boost the demand for homes.
Poly Real Estate Group, China's second-largest listed developer, increased 1.9 percent to 13.09 yuan (US$2.10). Gemdale Corp climbed 2.2 percent to settle at 6.54 yuan.
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