Hong Kong, MarketWatch (4/3) -
Mainland Chinese shares skidded sharply early Monday, also dragging on
Hong Kong-listed stocks, as property developers took heavy losses after
Beijing warned of more curbs on the sector to cool rising prices.
The
Shanghai Composite plunged 2.3% to 2,305.92 in early trading, pulling
down the Hang Seng China Enterprises Index 1.4% to 11,186.80 in Hong
Kong, while the benchmark Hang Seng Index fell 0.7% to 22,722.71.
Shares
of Gemdale Corp. and Poly Real Estate Group Co. dropped by the day's
10% limit in Shanghai, after the State Council introduced stricter rules
to curb speculative activity ahead of the annual session of the
National People's Congress, China's parliament. Shares of China Vanke
Co. fell 4.9% in Shenzhen.
The moves, seen as a signal Beijing
won't tolerate unaffordable home prices, dragged down shares of Hong
Kong-listed developers China Resources Land Ltd. and China Overseas Land
& Investment Ltd. 5.5% and 3.9%, respectively. Construction-related
stocks in the cement and metals sectors were also hit on mainland
Chinese bourses as well as in Hong Kong.
http://www.marketwatch.com/story/property-stocks-hit-hong-kong-shanghai-markets-2013-03-03?link=MW_Nav_MA
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