China Stocks: EGing Photovoltaic, Poly Real Estate, Vanke
Property stocks: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, rose 2 percent to 7.85 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, advanced 3.3 percent to 10.91 yuan.
Wuhu, a mid-sized city in Anhui province, will give subsidies of 50 yuan ($7.90) a square meter (10.76 square feet) for the purchase of homes between 70 square meters and 90 square meters, and 150 yuan a square meter for new homes smaller than 70 square meters, the local government said in a statement on its website yesterday. The city will also waive a deed tax for house transactions, according to the statement.
Solar stocks: EGing Photovoltaic Technology Co. (600537) (600537 CH) advanced 4.6 percent to 21.71 yuan, its highest close since Dec. 8. Zhejiang Sunflower Light Energy Science & Technology Co. (300111 CH) added 0.9 percent to 11.20 yuan.
Solar stocks rose after Deutsche Bank AG said major Asian solar manufacturers are running at full capacity.
“Demand pick-up in multiple markets appears to be the primary driver of recent strength in fundamentals,” Vishal Shah, an analyst at Deutsche Bank, wrote in a report yesterday. “Tier-one companies in China, Taiwan and Korea have rising orders and are running at 100 percent of utilization.”
--Zhang Shidong. Editor: Richard Frost
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