Property Prices Rise 3.9% in China

123jump.com Staff
10 Nov, 2009
New York City

Stocks in Shanghai and Hong Kong gained tracking the international markets rise after a statement from G-20. The fund flows continue in the Hong Kong stock and property markets. China reported a rise in property prices increased 3.9% in October across seventy largest cities.

[R]6:00 AM New York, 6:00 PM Hong Kong – Stocks in Shanghai and Hong Kong gained tracking the international markets rise after a statement from G-20. The fund flows continue in the Hong Kong stock and property markets. China reported a rise in property prices increased 3.9% in October across seventy largest cities.[/R]

Hong Kong market averages gained after G20 leaders reassured investors that stimulus measures will remain.

Shanghai stocks also gained on the back of increased fuel and house prices.

In Hong Kong trading Hang Seng Index rose 0.3% or 60.61 to 22,268.16, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, advanced 0.4% or 48.71 to 13,367.19. In Shanghai trading, CSI 300 Index edged up 0.2% or 7.99 to 3,503.78.

Daily turnover on main-board rose to HK$70.5 billion from HK$65.09 billion yesterday.

China Raises Fuel Prices

National Development and Reform Commission reported yesterday that gasoline and diesel prices will increase by Rmb480 per tonne effective today.

According to the report, the benchmark price of gasoline will be Rmb7,100 a ton and that of diesel Rmb 6,360 a ton, while the retail price of gasoline will climb by Rmb0.36 per liter and that of diesel will rise by Rmb0.41 per liter.

Beijing controls fuel prices to stem inflation and assure margins for refiners and maintain a steady supply of fuel.

China’s Home Prices Rise 3.9% in October

National Bureau of Statistics reported today home prices in 70 large and medium-sized cities gained 3.9% in October from the same period a year ago.

The year-on-year price growth rate was 1.1 percentage points higher than in September.

The NBS noted that combined commercial housing projects investments in the past ten months increased 14.1% to Rmb2 trillion.

China''s national property climate index that gauges overall conditions in the sector gained 0.95 points from September to 102.03.

A measure above 100 is positive, while a reading below the figure is negative.

Gainers & Losers

Sinopec Corp. declined 1.5% to HK$6.72 and PetroChina advanced 0.8% to HK$10.12 after Beijing increased fuel prices.

Sino Gold Mining soared 5.7% to HK$54.65 as gold prices gained 1.5% to 1,106.11 per ounce.

BYD Electronic fell 5.1% to HK$6.65 after Nokia said it will recall 14 million cell phone chargers made by the company.

Automakers increased as China’s passenger car sales jumped 76% in October from a year ago. Qingling Motors climbed 32% to HK$2.35 and Brilliance China increased 15% to HK$2.46.

Shanghai property stocks rose. Poly Real Estate Group edged up 2.9% to Rmb27.01 as contract property prices rose 143 % in the first ten months.

China Minsheng Banking Corp gained 0.12% to Rmb8.12 yuan after announcing its investment in U.S. lender UCBH Holdings Inc will not significantly impact profitability.

Henan Taloph Pharmaceutical increased 10% to Rmb 10.96 yuan and Shenzhen Neptunus Bioengineering climbed 6.2% to Rmb 21.15 yuan after the World Health Organization said swine flu epidemic is on the rise in China.