China shares post 3rd day of gains, property up again

HONG KONG Wed Jan 30, 2013 2:05am EST

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HONG KONG Jan 30 (Reuters) - China shares stretched gains into a third straight day on Wednesday, helped by strength in property-related counters after local news reports raised hopes that Beijing could tolerate house price increases of up to 10 percent this year.

The CSI300 of the top Shanghai and Shenzhen A-share listings closed up 0.5 percent at 2,688.7, while the Shanghai Composite Index rose 1 percent.

Investors also welcomed a report in the official China Securities Journal newspaper that more than half of China Development Bank's new loans in 2013 will go to supporting the new leadership's urbanisation agenda. (Reporting by Clement Tan; Editing by Jacqueline Wong)

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