December 26, 2019 / 4:40 AM / a month ago

Real estate stocks help China shares rise on relaxed residency curbs

* SSEC +0.4%, CSI300 +0.4%

* Stock connect closed for holiday

* FTSE China A50 +0.5%

SHANGHAI, Dec 26 (Reuters) - China stocks rose on Thursday, aided by strong gains in real estate firms as Beijing rolled out measures to promote urbanisation.

** The CSI300 index rose 0.4%, to 4,007.61, by the end of the morning session, while the Shanghai Composite Index gained 0.4%, to 2,992.41.

** China scrapped restrictions on household registration permits for cities under 3 million population, and comprehensively loosened such curbs for cities of 3 to 5 million residents, according to a document issued by the cabinet.

** In April, China said it would relax residency curbs in many of its smaller cities this year and increase infrastructure spending.

** The CSI300 real estate index rallied 2.7%, led by Jiangsu Zhongnan Construction Group with a gain of 6.2%.

** Easing norms for urban residency will promote urbanisation and boost housing demand, said Yuan Hao, an analyst with Huachuang Securities, in a report.

** On the trade front, China on Wednesday said both sides’ economic and trade teams were in close communication about detailed arrangements for the phase one deal’s signing and other follow-up work.

** Around the region, Japan’s Nikkei index was up 0.45%.

** The yuan was quoted at 6.9932 per U.S. dollar, 0.06% weaker than the previous close of 6.989.

** The largest percentage gainers in the main Shanghai Composite index were Hylink Digital Solution Co Ltd, up 10.03%, followed by Luoyang Glass Co Ltd, gaining 10.03%, and Inly Media Co Ltd, up by 10.02%.

** The largest percentage losers in the Shanghai index were Harbin Gong Da High-Tech Enterprise Development Co Ltd , down 5.19%, followed by Shanghai Zhixin Electric Co Ltd, losing 5.04%, and Shenzhen Geoway Co Ltd , down by 5.03%.

** As of 04:03 GMT, China’s A-shares were trading at a premium of 26.26% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and Brenda Goh; Editing by Subhranshu Sahu)

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