China Stocks: China Vanke, Gemdale Corp., Poly Real Estate Group

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 64.57 points, or 2.6 percent, to 2,391.23. The CSI 300 Index (SHSZ300) declined 2.8 percent to 2,605.11.

Property stocks: Poly Real Estate Group Co. (600048) (600048 CH), China’s second-largest developer by market value, dropped 3 percent to 11 yuan. China Vanke Co. (000002 CH), the biggest, lost 2.7 percent to 8.29 yuan. Gemdale Corp. (600383) (600383 CH) slumped 5.9 percent to 5.88 yuan.

Home prices are still far from reasonable levels and a relaxation of curbs on the property market would lead to “chaos,” Premier Wen Jiabao said at his last regular press conference at the end of the annual National People’s Congress in Beijing today.

--Zhang Shidong. Editor: Chan Tien Hin

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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