Banking stocks: China Minsheng Banking Corp. (600016) (600016 CH), the nation’s first privately owned bank, fell 1.2 percent to 6.42 yuan. Huaxia Bank Co. (600015 CH), partly owned by Deutsche Bank AG, slid 1.5 percent to 11.50 yuan.
Chinese banks extended 738.1 billion yuan ($117 billion) of new yuan-denominated loans last month, the People’s Bank of China said in a statement on Feb. 10 after the market closed. That compares with the median forecast of 1 trillion yuan in a Bloomberg News survey of 26 economists and 641 billion yuan in December. M2, the broadest measure of money supply, expanded 12.4 percent in January from a year earlier, the slowest pace in more than a decade, it said.
Property stocks: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, slumped 1.9 percent to 7.70 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, tumbled 3.1 percent to 10.57 yuan. Gemdale Corp. (600383) (600383 CH) retreated 2.9 percent to 5.40 yuan.
The mid-sized city of Wuhu in Anhui province will temporarily suspend a housing subsidy plan so it can study details on how to implement the rules, according to a statement on the local authority’s website yesterday. Wuhu will waive a deed tax and subsidize some home purchases, it said Feb. 9, becoming the first Chinese city this year to signal its intention to ease property curbs.
Shuangliang Eco-Energy Systems Co. (600481) (600481 CH), a maker of sea water desalination equipment, jumped 4 percent to 8.24 yuan, its highest close since Dec. 21. China will increase policy support in the areas of fiscal and taxation, financial and pricing for the sea water desalination industry and projects, according to a State Council statement posted on the government’s website today.
--Zhang Shidong. Editor: Allen Wan
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