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China shares fall from nearly 8-month highs as property sinks
August 5, 2014 / 7:05 AM / 3 years ago

China shares fall from nearly 8-month highs as property sinks

HONG KONG, Aug 5 (Reuters) - China shares slipped off nearly eight-month highs on Tuesday, after a survey showed the country’s services sector slowly sharply in July to its lowest level in nearly nine years.

The HSBC/Markit China services purchasing managers’ index (PMI) fell to 50.0 in July, the lowest reading since November 2005 when the data collection began, indicating a recovery in the broader economy is still fragile and may need further government support.

The Shanghai Composite Index ended down 0.2 percent at 2,219.95 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings lost 0.3 percent.

Some economists blamed a slowdown in the housing market for the weak reading, as property-related activities saw less business.

China Vanke, the country’s biggest residential property developer, shed 2.1 percent after posting July sales which showed a big drop from June. Poly Real Estate also slid 1.7 percent. (Reporting by Grace Li; Editing by Richard Borsuk)

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