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HONG KONG, June 18 China shares ended lower on
Wednesday, as stocks of big state banks continued to pull back
after recent strong gains.
The market also felt an impact as the first four Chinese
companies to go ahead with initial public offerings after a
four-month lull started to take subscriptions. They aim to raise
a combined 1.7 billion yuan ($273.8 million).
The Shanghai Composite Index slid 0.5 percent at
2,055.52 points. The CSI300 of the leading Shanghai
and Shenzhen A-share listings was down 0.4 percent.
Soft housing data released in the morning hurt developers.
Property giants Poly Real Estate Group and China
Vanke failed to hold on to slim midday gains and
finished down 0.2 and 0.3 percent, respectively.
China's average new home prices edged down for the first
time in two years in May, official data showed, underlining a
downtrend taking hold in the market as the economy slows.
In Shanghai, Agricultural Bank of China lost 2.0
percent and Bank of China shed 0.7 percent. Both
stocks reached their 2014 highpoints on Monday and then fell on
($1 = 6.2090 Chinese Yuan Renminbi)
(Reporting by Grace Li; Editing by Richard Borsuk)