China Stocks: Baotou Rare-Earth, Kingdream Public, Poly, Vanke
Developers: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, dropped 0.6 percent to 8.22 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, lost 0.8 percent to 10.73 yuan.
February home prices posted the worst performance in a year. New home prices fell in 27 of 70 cities last month from a year earlier and prices were unchanged in six cities, the national statistics bureau said in a statement on its website yesterday. That is the worst since the government began at the start of 2011 releasing individual data for 70 cities instead of a national average.
Rare-earth stocks: Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH), China’s biggest producer of rare earth, gained 4.3 percent to 71.91 yuan. Rising Nonferrous Metals Share Co. (600259 CH) surged 8.6 percent to 69.40 yuan.
China may start the trial use of specialized receipts for rare earths in the provinces of Inner Mongolia and Sichuan in June, the Information Times reported today, without citing anyone. The receipts would mean that rare earths have been added to a list of goods that can only be sold with government approval, such as tobacco and salt, the newspaper reported.
Shale gas-related stocks: Kingdream Public Ltd. (000852) (000852 CH) surged the maximum 10 percent to 14.92 yuan. Yantai Jereh Oilfield Services Group Co. (002353) (002353 CH) gained 2.9 percent to 84.36 yuan. Zhangjiagang Furui Special Equipment Co. (300228 CH) rose 4.4 percent to 44.15 yuan.
China will study and release “concrete” fiscal and tax supportive policies to promote and encourage the development of shale gas, according to a report by a newspaper owned by the Ministry of Finance that was posted to the ministry’s website today. The measures include increasing investment in shale gas resource appraisal and drafting subsidy policies for shale gas, it said.
--Zhang Shidong. Editor: Allen Wan
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