China Stocks: Gemdale, Poly Real Estate, Shanghai Pharma
Property stocks: Poly Real Estate Group Co. (600048) (600048 CH), China’s second-largest developer by market value, gained 1.5 percent to 13.61 yuan. Gemdale Corp. (600383) (600383 CH), the fourth largest, advanced 3.4 percent to 6.63 yuan. RiseSun Real Estate Development Co. (002146 CH) rose 3.5 percent to 11.70 yuan.
The real estate market may be supported by strong demand, the China Securities Journal reported today, citing unidentified people. Property curbs have stabilized, the newspaper said.
Shanghai Pharmaceuticals Holding Co. (601607) (601607 CH), China’s second-largest drug distributor, tumbled by the maximum 10 percent to 10.75 yuan. The company is under investigation from the China Securities Regulatory Commission and the Hong Kong Stock Exchange for suspected financial fraud involving two acquisitions earlier this year, the 21st Century Business Herald cited an unidentified company executive as saying.
Lu Di, an official in Shanghai Pharma’s board office, declined to comment when contacted by phone by Bloomberg News. Scott Sapp, a spokesman for the Hong Kong exchange, declined to comment. An official at the China Securities Regulatory Commission’s news office, who asked not to be identified because of the agency’s rules, said he wasn’t immediately able to confirm if the regulator was investigating Shanghai Pharma.
--Zhang Shidong. Editor: Allen Wan
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