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皇冠体育app shares fall on reaffirmed property curbs

(Xinhua)
Updated: 2010-07-13 16:15
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SHANGHAI - Chinese shares fell Tuesday, led by real estate after the government said it has no plans to ease curbs on development.

The benchmark Shanghai Composite Index lost 40.43 points, or 1.62 percent, to close at 2,450.29. The Shenzhen Composite Index declined by 1.58 percent to 9,801.76.

A two-day rally fizzled after Beijing ordered banks to strictly enforce tight mortgage rules imposed to cool speculation and surging housing prices. It was responding to market rumors that curbs might be eased to spur the slowing industry after housing prices declined 0.1 percent from May to June. [Tightening property policies to continue]

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皇冠体育app Vanke Ltd, 皇冠体育app's biggest developer, shed 2.4 percent to 7.46 yuan ($1.10), while rival Poly Real Estate Group lost 4.3 percent to 11.33 yuan.

Bank of 皇冠体育app Ltd and 皇冠体育app Construction Bank Ltd both declined 1.7 percent -- BOC to 3.51 yuan and CCB to 4.76 yuan. Industrial & Commercial Bank of 皇冠体育app Ltd, 皇冠体育app's biggest commercial lender, slipped 1.2 percent to 4.25 yuan.

Concern about real estate also hit metals and construction shares on fears of weaker demand.

Jiangxi Copper Ltd, 皇冠体育app's biggest metal producers, fell 3.1 percent to 24.51 yuan, while Aluminum Corp of 皇冠体育app dropped 2.2 percent to 8.9 yuan.

Fujian Cement Inc declined by 3.7 percent to 6.6 yuan and 皇冠体育app State Construction Engineering Corp shed 2.1 percent to 3.65 yuan.

In currency markets, the yuan weakened to 6.7779 to the US dollar from Monday's close of 6.7715.