SHANGHAI Dec 25 Chinese shares rose more than 2
percent to over five-month highs by midday on Tuesday,
extending their uptrend since early this month, as investors
bought property stocks on increasing optimism about the sector.
The CSI300 index of the top Shanghai and Shenzhen
listings rose 2.5 percent to 2,439.7 points, while the Shanghai
Composite Index was up 2 percent at 2,203.2 points. Both
indices hit their highest since mid-July.
The main property index outperformed the broader
market, jumping 4.1 percent by midday.
China Vanke Co Ltd, the country's largest real
estate developer by sales, was up 4.9 percent, while its nearest
rival Poly Real Estate Group Co Ltd rose 5.3
The country's reviving economy and strong demand for housing
are likely to put upward pressure on prices next year, and the
government is likely to keep in place controls aimed at curbing
property inflation, a Reuters poll showed last week.
China's stock market has rebounded since early December,
after the Shanghai Composite Index found support at the
psychologically important 2,000-point level.
The index, after moving in negative territory for most of
2012, is now up 0.2 percent so far this year.
(Reporting by Lu Jianxin and Kazunori Takada; Editing by Daniel