China Stocks: China Eastern Airlines, Poly, Vanke, Yanzhou Coal
Property stocks: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, fell 1.2 percent to 8.02 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, dropped 0.8 percent to 10.52 yuan. China Merchants Property Development Co. (000024) (000024 CH), the third largest, retreated 2.3 percent to 19.34 yuan.
China’s property prices won’t rebound this year as central and local governments persist with policies to curb investment and speculation, Beijing News reported yesterday, citing Qin Hong, director of policy research at the Ministry of Housing and Urban-Rural Development.
China Eastern Airlines Corp. (600115) (600115 CH), the nation’s second-largest carrier, retreated 1.8 percent to 3.85 yuan. Profit dropped 7.7 percent to 4.58 billion yuan ($727 million) in 2011, the airline said in a statement yesterday. That missed the 5.1 billion-yuan average of eight analyst estimates compiled by Bloomberg.
Yanzhou Coal Mining Co. (600188) (600188 CH), China’s fourth-biggest coal miner, retreated 1 percent to 24.50 yuan. Net income dropped 3.8 percent to 8.9 billion yuan in 2011, Yanzhou Coal said in a statement on March 23 after the market closed.
--Zhang Shidong. Editor: Allen Wan
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