China stocks down 1.41%, property developers hit

13:55, December 21, 2010      

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Chinese shares closed down 1.41 percent, led by heavyweight property developers and banks amid fears that the government may impose further measures to curb property prices, dealers said.

The key Shanghai Composite Index was down 40.82 points to 2,852.92 on a turnover of 146.6 billion yuan ($22.0 billion).

Analysts said the market would fluctuate in the next few sessions as long as further tightening measures remain a possibility.

But Guoyuan Securities analyst Simon Wang said that further downside in the market should be limited, as the valuations of many stocks are not expensive.

Property developers were hit, with China Vanke off 1.2 percent at 8.30 yuan ($1.24), China Merchants Property Development down 2.1 percent to 15.99 yuan ($2.4).

Bluechip banks also declined, with ICBC's China-listed shares ending 0.7 percent lower at 4.19 yuan ($0.63) and China Construction Bank off 1.1 percent at 4.66 ($0.70).

Source: Global Times
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