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REFILE-China shares fall again, led by banks and property counters
June 18, 2014 / 7:10 AM / 3 years ago

REFILE-China shares fall again, led by banks and property counters

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HONG KONG, June 18 (Reuters) - 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 Tuesday.

$1 = 6.2090 Chinese Yuan Renminbi Reporting by Grace Li; Editing by Richard Borsuk

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