By Bloomberg News - Jul 12, 2011
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 48.11 points, or 1.7 percent, to 2,754.58. The CSI 300 Index (SHSZ300) declined 1.8 percent to 3,056.91.
Developers: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, slid 2.9 percent to 8.50 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, lost 3.8 percent to 10.83 yuan.
Shanghai will start a trial to cap prices of some of the newly built low-income housing in planned urban areas in Pudong New District in the second half of this year, the Xinhua News Agency reported, citing the city’s mayor Han Zheng.
Service contracts between real estate agents and property owners must be signed before homes can be sold, the Ministry of Housing and Urban-Rural Development said in a statement on its website yesterday after markets closed. Punishment will be imposed on developers and realtors who fail to implement government home purchase limits, the statement said.
Baoshan Iron & Steel Co. (600019 CH), the listed unit of China’s second-biggest steelmaker, dropped 2.3 percent to 5.92 yuan, the largest loss since June 9. Baoshan Steel said it will keep hot-rolled steel products prices unchanged in August. The company also said it will raise prices of cold-rolled steel products by 50 yuan ($7.73) per metric ton next month.
Changjiang Securities Co. (000783 CH) slid 2.9 percent to 10.27 yuan, the lowest close since June 23, after the brokerage said first-half net income fell 15 percent from a year earlier to 415.1 million yuan.
Chongqing Changan Automobile Co. (000625 CH), the Chinese partner of Ford Motor Co. and Mazda Motor Corp., dropped 2.1 percent to 5.21 yuan after saying vehicle sales fell 13 percent from a year earlier to 129,407 units in June.
Hainan Airlines Co. (600221 CH) retreated 1.5 percent to 7.35 yuan after the carrier said it plans to raise as much as 8 billion yuan in a private placement of as many as 1.2 billion new shares to help pay bank loans.