Vehicles Sales Surge 46%, Chinese Developers Up

Mayank Mehta
09 Mar, 2010
New York City

Property stocks gained after a central bank official said that China does not need additional lending curbs and the current measures are already working. Total vehicles sales surged in February by 46%.

[R]9:00 PM Hong Kong, China – Property stocks gained after a central bank official said that China does not need additional lending curbs and the current measures are already working. Total vehicles sales surged in February by 46%.[/R]

The benchmark index in Shanghai increased after central banker said that recent government measures are working to cool the property market and no additional measures are needed. Total vehicles sales surged in February.

Hang Seng index in Hong Kong increased 408.90 or 1.97% to 21,196.87, and CSI 300 index in China higher 26.41 or 0.81% to 3,286.18.

Total vehicles sales in February surged 46% to 1.21 million according to latest data from China Association of Automobile Manufacturers. Passenger car sales soared 55% to 942,900 in the month.

Total vehicles sales surged 84% to 2.88 million vehicles in the first two months and car sales soared 85% to 2.26 million units.

Deputy Governor of the People’s Bank of China Su Ning said that after the recent government measures property transactions have declined and prices have stopped rising.

Shanghai Movers

Property developers climbed in trading after a central bank official said that no new measures are need curb speculation.

Shanghai Doulun Industry Co. soared 105 to 7.54 yuan, China Vanke Co. increased 2.5% to 9.62 yuan and Gemdale added 7% to 13.77 yuan. Poly Real Estate increased 4.4% to 20.28 yuan.

Bank of China Limited added 0.4% to 4.17 yuan.

China Life Insurance Company Limited advanced 3.2% to 28.09 yuan after it estimated 2009 net income may have surged three fold on accounting change and asset revaluation.

China Southern Airlines Company Limited rose 3.4% to 6.85 yuan after the carrier said yesterday that it plans to raise up to 10.75 billion yuan or $1.6 billion.

Automakers closed higher after vehicle sales increased in February. Dongfeng Automobile Co., Ltd rose 0.3% to 6.32 yuan and SAIC Motor Corporation Limited the carmaker fell 0.1% to 21.95 yuan.

Sichuan Road & Bridge decreased 6% to 12.16 yuan and Chongqing Road & Bridge Co. dropped 5.5% to 13.63 yuan.

HK Movers

Aluminum Corporation of China Limited fell 0.61% to HK$8.15.

Lifestyle International Holdings Limited rose 2.8% to HK$13.74 after the operator of Sogo department store declares final dividend.

Ping An Insurance (Group) Company of China, Ltd added 2.8% to HK$63.60.

Want Want China Holdings Limited surged 11.2% to HK$5.94 after the maker of rice cakes and flavored milk and the company said 2009 profit rose 19% ahead of market expectations.