China Developers Fall; China Mobile Net Up 1%

123jump.com Staff
20 Apr, 2010
New York City

Market indexes in Shanghai and Hong Kong rebounded after falling sharply in the previous session. China tightened property sales rules for developers to increase transparency curb price speculation. China Mobile quarterly net rose 1%.

[R]6:00 PM Hong Kong, China – Market indexes in Shanghai and Hong Kong rebounded after falling sharply in the previous session. China tightened property sales rules for developers to increase transparency curb price speculation. China Mobile quarterly net rose 1%.[/R]

Market indexes in Shanghai and Hong Kong rebounded after dropping sharply in the previous session. Regulators tightened property sales disclosures more today, a day after restricting lending.

Ministry of Housing and Urban-Rural Development required developers to not accept deposits for unfinished apartments and asked them not to charge “abnormally high prices.”

Developers are now required to disclose to prospective buyers all properties on sale and prices on completed sales.

China Vanke Co and Gemdale Corp declined more than 3% after the announcement.

Hang Seng index in Hong Kong increased 218.21 or 1.02% to 21,623.38 and CSI 300 index in China lower 3.05 or 0.10% to 3,173.37.

China Banking Regulatory Commission head Liu Mingkang asked large banks to conduct stress test quarterly on mortgage loans and urged banks to monitor that loans adhere to strict controls laid by the government.

Liu asked banks to make enough provisions for loans by the end of third quarter and temper loan growth in the current year.

Shanghai Movers

Beijing Yanjing Brewery Co., Ltd gained 8.2% to 22.80 yuan after the brewer said first quarter profit rose 27%.

China Vanke Co., Ltd the property developer declined 3.2% to 8.03 yuan after dropping more than 8% in the previous session.

China Merchants Property Development Co., Ltd slipped 5.7% to 18.01 yuan after the company announced that the company will pay the cash dividend of 1 yuan per 10 shares to shareholders.

Gansu Dunhuang Seed Co., Ltd the food processor added 8.5% to 19.40 yuan.

Heilongjiang Agriculture Company Limited the maker of agricultural products rose 1.8% to 13.23 yuan.

HK Movers

Angang Steel Company Limited fell 2.9% to HK$13.20 after the company reported 2009 net profit plunged 74.87%.

China Minsheng Banking Corp., Ltd added 2.9% to HK$8.07.

China Mobile Ltd increased 3.4% to HK$80.25 after net in the quarter increased 1%. Average revenues per subscriber a month declined to 70 yuan from 73 yuan. The mobile carrier is facing higher expenses to roll out 3G services.

China Mobile Limited, the mobile service provider said first quarter sales rose 7.7% to 109.1 billion yuan from 101.3 billion yuan. Net profit for the quarter rose 1% to 25.5 billion yuan compared to net profit of 25.2 billion yuan a year.

Net profit in the first quarter rose 5.2% in the first quarter a year ago.

China Mobile Limited, in the last one year traded as high as Rmb 92.25 in August 2009 and as low as Rmb 66.00 in April 2009. Based on the yesterday’s closing price of Rmb 80.25 the company has market cap of Rmb 1.61 trillion.

Datang International Power Generational Co. Ltd rose 0.3% to HK$3.39 after the company reported 2009 net profit surges 1115%.

Datang International Power Generational Co. Ltd, the electricity producer said 2009 sales rose 30% to 47.9 billion yuan from 36.9 billion yuan. Net profit for the year rose 115% to 1.6 billion yuan or 0.14 yuan per diluted share compared to net profit of 749.35 million yuan or 0.06 per share a year.

Datang International Power Generational Co. Ltd, in the last one year traded as high as Rmb 12.13 in August 2009 and as low as Rmb 6.95 in April 2009. Based on the yesterday’s closing price of Rmb 7.89 the company has market cap of Rmb 11.78 billion.

Galaxy Entertainment Group Limited added 3.7% to HK$3.92 after the casino operator reported 2009 net profit of HK$1.15 billion compared to net loss of HK$11.39 billion a year ago.