Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 23.37 points, or 1 percent, to 2,428.49. The CSI 300 Index declined 1.1 percent to 2,634.14.
Property stocks: China Vanke Co. (000002 CH), the biggest listed property developer, dropped 2.8 percent to 8.28 yuan. Poly Real Estate Group Co. (600048 CH), the second-largest, declined 3.3 percent to 11.10 yuan. Gemdale Corp. (600383 CH), the fourth biggest by market value, retreated 3.2 percent to 5.80 yuan.
Shanghai halted a plan to allow non-local residents who have held the city’s residence permits for three years to buy second homes, the China Securities Journal reported yesterday, citing local housing transaction centers. The city was loosening its definition of locals to let the residence-permit holders to make second home purchases, the Shanghai Securities News reported last week.
BYD Co. (002594 CH), the automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., lost 0.9 percent to 26.14 yuan. Net income fell 44 percent last year on “fierce” competition, the company said in a preliminary earnings statement yesterday.
Xinjiang Goldwind Science & Technology Co. (002202 CH), the country’s second-biggest maker of wind turbines, fell 1.2 percent to 8.79 yuan. Net income for 2011 slumped 74 percent from a year earlier as domestic installations declined and foreign competition forced down prices, Xinjiang Goldwind said in a preliminary earnings statement yesterday.