China Stocks: Chalco, Merchants Property, PetroChina, Vanke
Developers: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, fell 1.6 percent to 9.07 yuan. China Merchants Property Development Co. (000024) (000024 CH), the third largest by market value, slid 1.6 percent to 23.39 yuan. Gemdale Corp. (600383) (600383 CH), the fourth biggest, lost 2.5 percent to 6.63 yuan.
Industrial & Commercial Bank of China Ltd. suspended a 15 percent discount on mortgages for first-time home buyers nationwide, the official Xinhua News Agency reported May 5. ICBC notified its borrowers by phone last week, according to the report.
Aluminum Corp. of China Ltd. (601600 CH), the listed unit of the nation’s biggest maker of the lightweight metal, gained 4.2 percent to 7.50 yuan, its biggest advance since March 21. Parent Aluminum Corp. of China was asked by Su Bo, vice minister of industry and information technology, to accelerate the nation’s rare earth consolidation and move toward setting up a rare earth group, according to a statement on the company’s website today.
PetroChina Co. (601857) (601857 CH), the nation’s second-largest oil refiner, fell 1 percent to 9.98 yuan. Gasoline and diesel prices may drop by 300 yuan ($47.5) per ton, or 0.22-0.26 yuan a liter, the Shanghai Securities News reported today, citing Hu Huichun, an analyst at researcher Chem99.com.
--Zhang Shidong. Editor: Chan Tien Hin
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