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China shares gain as property subindex jumps to 3-1/2-month high
April 2, 2014 / 7:11 AM / 3 years ago

China shares gain as property subindex jumps to 3-1/2-month high

SHANGHAI, April 2 (Reuters) - China shares rose on Wednesday, driven by surging property stocks after state media reported that local governments in several cities are considering relaxing restrictions on purchasing houses.

The Shanghai Composite Index ended up 0.6 percent at 2,058.99 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 0.8 percent.

The CSI300 property subindex rose 3.6 percent to its highest level since mid-December.

Wednesday’s spike was triggered by a Shanghai Securities Journal report that local governments in Hangzhou and Changsha are considering a range of policies to promote the market, citing anonymous sources.

A total of eight property companies listed in the Shanghai and Shenzhen stock market hit their 10 percent daily limits on the news, including Huayuan Property Co, Beijing Dalong Weiye Real Estate Development Co and China Calxon Group Co.

China’s red-hot property market has lost some steam since late 2013. A poll by real estate services firm E-House China released on Tuesday showed that annual growth in prices of new homes in 288 major cities slowed to 8.1 percent in March, from February’s 9.1 percent rise. (Reporting By Natalie Thomas; Editing by Chris Gallagher)

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