SHANGHAI Feb 23 China's main stock indexes
snapped a three-session winning streak to end lower on Thursday,
as expectations of new asset management rules and property taxes
weighed on the market.
The blue-chip CSI300 index fell 0.5 percent, to
3,473.32 points, while the Shanghai Composite Index lost
0.3 percent to 3,251.38 points.
China's central bank and other financial regulatory bodies
are creating a universal framework for the oversight of the
asset management industry, Chen Wenhui, the vice chairman of the
country's insurance regulator, told a news conference.
Reuters reported late on Wednesday that China's financial
regulators had circulated a draft framework of new rules for the
country's booming asset management industry.
"The policy mainly weighs on investor sentiment since most
of the capital doesn't flow into the stock market," Cao Xuefeng,
head of research at Huaxi Securities in Chengdu.
Investors also pulled out from real estate stocks and
construction-related sectors, with cement makers leading the
decline, after news the government was undertaking preparatory
work for a wider property tax.
Real estate shares shed 0.7 percent.
"Optimism toward the housing market was hurt as many of us
are concerned that tax would lift home prices and contain new
construction," Cao said.
Sectors fell across the board, led by consumer
and energy plays. Gains were only seen in healthcare
Cement maker Henan Tongli plunged by its 10
percent daily trade limit to a 3-week low, while Shanghai
Bailian slumped 7.24 percent, posting its worst day
in nearly one year, as data showed institutional investors took
profits after a strong rally.
(Reporting by Luoyan Liu and John Ruwitch; Editing by