The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, lost 92.35, or 2.9 percent, to 3,055.39 at 1:35 p.m. local time. The CSI 300 Index slid 3.8 percent to 3,375.13.
Developers: China’s housing ministry and foreign exchange regulator have issued rules that will limit foreigners to buying one residential property for self use, the Securities Times reported today, without saying where it got the information.
China Vanke Co. (000002 CH), the nation’s largest developer by market value, dropped 3.6 percent to 8.85 yuan. Poly Real Estate Group Co. (600048 CH), the No. 2 developer, declined 4.5 percent to 13.32 yuan.
Oil refiners: PetroChina Co. (601857 CH) rose 2.7 percent to 13.08 yuan. China Petroleum & Chemical Corp. (600028 CH) added 1 percent to 9.58 yuan.
The nation’s two largest oil refiners rose on speculation the government may introduce changes to the way domestic fuel prices are calculated to more quickly reflect changes in global energy prices, according to Qiu Xiaofeng, an analyst at China Merchants Securities Co.