April 2, 2014 / 3:20 AM / 4 years ago

China Property shares surge on reports that home ownership restrictions may lift

SHANGHAI, April 2 (Reuters) - Mainland property stocks soared on Wednesday after state media reported that several cities may relax house ownership restrictions.

The CSI300 property sub index <.CSICMREI > was up 4.1 percent in morning trading, led by Hua Yuan Property Co Ltd and Beijing Capital Development Co Ltd which both reached their daily 10 percent trading limits.

The Shanghai securities journal reported that local governments in Hangzhou and Changsha are planning to relax restrictions on the number of houses home owners can purchase, citing anonymous sources.

China’s red-hot property market has lost some steam since late 2013 as local governments tightened controls on speculative buying, and as banks made it harder for home buyers and small developers to get loans.

Prices of new homes in 288 major cities rose 8.1 percent in March from a year earlier, easing from February’s annual rise of 9.1 percent, a poll by real estate services firm E-House China EJ.N showed. (Editing by Shri Navaratnam)

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