China Stocks: AgriBank, Poly Real Estate, Swellfun, Vanke
Property stocks: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, rose 0.6 percent to 8.23 yuan. Poly Real Estate Group Co. (600048 CH), China’s second- largest developer by market value, added 1 percent to 10.75 yuan.
Branches of China Everbright Bank Co. and Hang Seng Bank Ltd. in the eastern city of Nanjing are giving a 10 percent discount on interest rates for some first-time home buyers, the National Business Daily reported, citing officials from the banks.
Agricultural Bank of China Ltd. (601288 CH), the nation’s third-biggest lender by market value, added 1.2 percent to 2.65 yuan. The central bank said yesterday it will cut the reserve requirement ratio for AgriBank’s 565 branches by 2 percentage points effective March 25, a move that will free up 23 billion yuan ($3.6 billion).
Sichuan Swellfun Co. (600779) (600779 CH), the Chinese liquor maker that’s a partner of Diageo Plc, gained 3.7 percent to 26.05 yuan. Diageo will make a mandatory tender offer for a 60.29 percent stake in the Chinese liquor maker from March 26 to April 24, according to a statement from Swellfun.
--Zhang Shidong. Editor: Allen Wan
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