HONG KONG Feb 24 China shares posted their
biggest loss in seven weeks on Monday, led by property-related
sectors after mainland news reports stoked fears that banks have
begun tightening loans to developers ahead of next week's annual
The Shanghai Composite Index finished down 1.8
percent at 2,076.7 points, while the CSI300 of the
largest Shanghai and Shenzhen A-shares shed 2.2 percent. For
both, this was their biggest single day loss since Jan. 6.
The Nasdaq-style ChiNext Composite Index of
mainly high-tech start ups listed in Shenzhen outperformed,
climbing 1.7 percent to near a record closing high.
The official Shanghai Securities News reported on Monday
that Industrial Bank and other banks may have
stopped extending loans to property developers and tightened
lending to other property-related sectors such as steel, cement
The Shanghai property sub-index plummeted 5.4
percent in its biggest single-day loss since June 24 as Poly
Real Estate plunged 8.5 percent.
Average new home prices in China's 70 major cities rose 9.6
percent in January from a year earlier, easing from the previous
month's 9.9 percent rise, according to Reuters calculations
based on data released by the National Bureau of Statistics
(NBS) on Monday.
(Reporting by Clement Tan; Editing by Richard Borsuk)