SHANGHAI, April 3 China shares dropped on
Thursday as property stocks were hit by profit-taking following
a jump the previous day on media reports that some cities may
relax restrictions on home buying.
The Shanghai Composite Index ended down 0.7 percent
at 2,043.7 points. The CSI300 of the leading Shanghai
and Shenzhen A-share listings fell 0.7 percent.
The CSI300 property subindex lost 1.8 percent,
erasing most of Wednesday's gain, with Beijing Vantone Real
Estate Co Ltd losing 9.2 percent and Oceanwide Real
Estate Group Co Ltd down 6.4 percent.
Analysts said that most of Wednesday's gains had been
speculative and that market conditions did not support a sharp
rise in property shares.
But rail companies rose on news of government plans to
increase the total length of tracks laid this year by 18 percent
compared with 2013, and speed up rail projects that have already
China Railway Construction Corp Ltd gained 0.7
percent and China Railway Erju Co Ltd rose 0.4
(Reporting By Natalie Thomas; Editing by Chris Gallagher)