The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 27.44 points, or 1.2 percent, to 2,333.23. The CSI 300 Index declined 1.4 percent to 2,521.39.
Property-related stocks: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, lost 1.2 percent to 7.29 yuan. Anhui Conch Cement Co. (600585) (600585 CH), China’s biggest cement maker, dropped 2.4 percent to 16.45 yuan. Hebei Iron & Steel Co. (000709 CH), the listed unit of China’s biggest steelmaker, retreated 2 percent to 3.43 yuan.
The People’s Bank of China said in a Dec. 2 statement after the market closed that a turning point in property prices is emerging. Property investment growth has eased from a “high level,” the central bank said.
China may extend restrictions on purchasing properties in selected cities when the orders expire around the end of the year, Cb.com.cn, the website of the China Business Journal, reported over the weekend, citing an unidentified official at the Ministry of Housing and Rural Development.
Lingyuan Iron & Steel Co. (600231) (600231 CH) slid 5.4 percent to 5.92, the lowest close since July 15, 2010. The company said in today’s statement that 431.5 million shares will become tradable on Dec. 9.
Yunnan Lincang Xinyuan Germanium Industrial Co. (002428) (002428 CH) tumbled 9.7 percent to 38.19 yuan, its biggest decline since Jan. 24. Wu Hongping, an investor in the company, sold 412,174 shares, or a 0.252 percent stake, from Nov. 21 to Dec. 1, Lincang said in a statement today.
--Zhang Shidong. Editor: Darren Boey
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