The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, dropped 17.33 points, or 0.7 percent, to 2,380.22, the lowest close since Oct. 24. The CSI 300 Index slid 0.7 percent to 2,569.97.
Property stocks: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, sank 2.1 percent to 7.10 yuan. Poly Real Estate Group Co. (600048 CH), the second biggest, retreated 1.5 percent to 9.03 yuan.
Residential land spending fell 42 percent from a year earlier to 65.7 billion yuan ($10.3 billion) from January to October at the nation’s top 10 developers by sales, the China Securities Journal said.
Suzhou Anjie Technology Co. (002635 CH), a manufacturer of functional devices for laptops and mobile phones, climbed 24 percent from its offer price to 28.50 yuan on the first day of trading in Shenzhen today.
Xiamen Tungsten Co. (600549) (600549 CH), China’s largest maker of tungsten products, added 1.8 percent to 36.21 yuan. The Shanghai Securities News said the government will soon release a plan to develop the industry over the five years through 2015. The government plans to set up a reserve system for rare earths, tin, tungsten and other minor metals, according to the newspaper said, citing an unidentified deputy director of the China Nonferrous Metals Industry Association.
--Zhang Shidong. Editor: Richard Frost
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