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China property shares extend declines on fears of more curbs
September 17, 2012 / 3:13 AM / 5 years ago

China property shares extend declines on fears of more curbs

SHANGHAI/HONG KONG, Sept 17 (Reuters) - Chinese property shares extended losses on Monday, slipping more than 3 percent in mid-morning trade after the eastern city of Nanjing was reported over the weekend to have reintroduced housing price controls to curb soaring prices.

That renewed fears that similar curbs could be extended to other cities, analysts said. Official data showing housing prices rising for the previous two months have hit property stocks hard, with the next set of data for August expected on Sept 18.

The Shanghai property sub-index was down more than 3 percent at 0254 GMT, underperforming the Shanghai Composite Index’s 0.9 percent decline and the 1.1 percent decline on the CSI300 Index of the top Shanghai and Shenzhen listings.

Two of the largest Chinese developers listed on the mainland, Shanghai-listed Poly Real Estate and Shenzhen-listed China Vanke, were among the biggest percentage losers, down more than 6 and 4 percent, respectively. (Reporting by Clement Tan in HONG KONG and Yixin Chen in SHANGHAI; Editing by Ken Wills)

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