Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 39.98 points, or 1.6 percent, to 2,393.18, the lowest close since July 5, 2010. The CSI 300 Index (SHSZ300) declined 2.2 percent to 2,610.92.
Developers: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, fell 3.4 percent to 7.15 yuan, the lowest close since July 8, 2010. Poly Real Estate Group Co. (600048 CH), the second largest, lost 4.3 percent to 9.10 yuan, the lowest close since June 2.
China’s southwestern city of Chongqing will start imposing a property tax on owners of existing villas from Oct. 1, the first Chinese city to tax existing homes, China Business News reported, citing an unidentified local tax bureau official. Some developers, likely small- and medium-sized ones with over- extended balance sheets, face bankruptcy in coming months as the government tightens control on loans obtained from trust companies and as sales slow, UBS AG said in a Sept. 23 report.
Beiqi Foton Motor Co. (600166 CH), China’s biggest commercial-vehicle maker, climbed 3.7 percent to 7.48 yuan, its highest close in almost two weeks. The company said it will invest 2.13 billion yuan ($333 million) to build a machinery plant in China.
Ping An Insurance (Group) Co. (601318 CH), China’s second- biggest insurer, tumbled 9.6 percent to 34.37 yuan, its biggest loss since November 2008. Its Hong Kong-listed shares plunged as much as 15 percent on speculation shareholder HSBC Holdings Plc sold shares of the company.
“There’s speculation that HSBC is selling Ping An’s shares on the Hong Kong stock market,” said Cao Hengqian, an analyst covering the insurance industry at GF Securities Co. in the southern city of Guangzhou. “Ping An’s Shanghai-listed shares are simply following the slump on its underlying H-shares.”
Jessica Lennon, a Hong Kong-based spokeswoman at HSBC, declined to comment while Sheng Ruisheng, Ping An’s spokesman, said the insurer had nothing to disclose on the share price movement.
TCL Corp. (000100) (000100 CH), China’s biggest publicly traded consumer-electronics maker, jumped 4.8 percent to 2.20 yuan, its largest gain since July 26. The company said third-quarter net income may have risen as much as 720 percent from the same period a year earlier to about 310 million yuan.
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