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Shares tumble to 2-week low on fears of credit crunch
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Shanghai stocks tumbled to a two-week low yesterday as property developers and building material producers fell over fears that China’s real estate sector may face a credit crunch.
The Shanghai Composite Index fell 1.75 percent to 2,076.69.
Concerns about a credit squeeze in China’s real estate industry arose after an internal file of the Industrial Bank, leaked over the weekend, seemed to indicate the lender has suspended some types of loans to the homebuilding sector, including steel, cement and construction companies.
“Concerns about credit tightening in the property sector depressed investor sentiment and added to uncertainty of the A-share market in the short term,” Ping An Securities Ltd said in a note.
Poly Real Estate, China’s second-largest listed developer, plunged 8.5 percent to 6.77 yuan (US$1.11). Gree Real Estate Co fell by the daily limit of 10 percent to 8.88 yuan, as did Shanghai Industrial Development Co to 7.25 yuan.
Anhui Conch Cement Co fell 5 percent to 14.91 yuan.
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