Shanghai Composite Falls as Developers, Technology Stocks DropBloomberg News
China’s stocks fell, led by property developers, on concern the government may introduce measures to contain housing prices after they climbed in all but one city the government tracks. Technology shares also dropped, while drugmakers advanced.
The Shanghai Composite Index slipped 0.3 percent to 2,222.41 at 9:49 a.m. local time, after jumping by the most in a week yesterday. The CSI 300 Index slipped 0.4 percent to 2,461.94. The Hang Seng China Enterprises Index lost 0.6 percent.
New home prices climbed in 69 of the 70 cities the government tracked in September from a year earlier, led by 20 percent increases in the southern business hubs of Shenzhen and Guangzhou, the National Bureau of Statistics said in a statement. Prices in Beijing rose 16 percent and advanced 17 percent in Shanghai, the biggest gains since the government changed its methodology for the home data in 2011.
China may release a plan for land reform at the third plenum of the Communist Party’s central committee next month, the China Securities Journal reported, citing an unidentified person as saying.
Premier Li Keqiang has come up with no additional measures to rein in property prices since his predecessor Wen Jiabao stepped up a three-year campaign in March to cool the housing market, ordering the central bank to raise down-payment requirements for second mortgages in cities with excessive cost gains.
— With assistance by Allen Wan