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Economy

Property curbs dent Shanghai equities

1
2016-03-29 09:18Shanghai Daily Editor: Huang Mingrui

Shanghai stocks slipped yesterday after China's large cities unveiled curbs on their property markets and the economic planner said production of major commodities fell, overshadowing a rebound in industrial companies' profits.

The Shanghai Composite Index fell 0.73 percent to 2,957.82 points after gaining as much as 1 percent in morning trade.

Shenzhen in Guangdong Province, which led home price growth in China last year, tightened home purchase curbs last Friday by raising the criteria for non-local buyers and increasing down payment for second homes.

The move came after Shanghai applied tougher home purchase restrictions on non-residents. Banking regulators in Shanghai, Shenzhen, Nanjing and Wuhan also scrutinized mortgage rates and funding sources of down payments.

Poly Real Estate Co dropped 2.5 percent to 9.37 yuan (US$1.44). Gemdale Corp shed 3 percent to 11.72 yuan.

The National Development and Reform Commission, the country's top economic planner, said over the weekend that the production of coal, steel, cement, non-ferrous metals in the January-February period all fell from the same period of last year, as did the coal shipment.

 

  

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