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China shares rise, policy moves boost auto, property stocks
July 11, 2014 / 7:10 AM / 3 years ago

China shares rise, policy moves boost auto, property stocks

HONG KONG, July 11 (Reuters) - China shares edged up on Friday, lifted by solid gains for carmakers and property developers, which investors expect to benefit from policy changes.

The Shanghai Composite Index rose 0.4 percent at 2,046.96 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings inched up 0.2 percent.

On the week, the two indexes were down 0.6 and 1.4 percent, respectively, their first weekly loss in three.

China Vanke, the country’s largest residential property developer, gained 1.4 percent, the top CSI300 boost. Poly Real Estate rose 2.6 percent.

On Thursday, Jinan in eastern Shandong province removed restrictions on home purchases, sparking hopes more cities will follow suit.

Auto stocks also outperformed, help by a tax exemption on green cars announced by the State Council on Wednesday. Chongqing Changan Automobile climbed 4.5 percent to a record high and SAIC Motor Corp added 1.6 percent. (Reporting by Grace Li; Editing by Richard Borsuk)

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