China stocks slip on worries about fresh property curbs
SHANGHAI: China stocks dipped yesterday as fears of fresh property cooling measures and broader monetary policy tightening hit shares of developers.
The Beijing municipal government announced new steps to rein in its booming housing market after the market close on Friday.
Data on Saturday suggested the impact of earlier property cooling steps by many cities may have been short-lived. China’s home prices picked up speed again in February after slowing in the previous four months, while sales have surged.
China’s blue-chip CSI300 index fell about 0.4 per cent in early afternoon trade to 3,433.53 points, while the Shanghai Composite Index slipped about 0.2 per cent to 3,231.34.
An index tracking the property sector tumbled nearly 2 per cent after more cities imposed fresh property restrictions over the weekend.
But Hong Kong stocks edged higher as energy shares jumped, led by a surge in China Shenhua Energy on the back of stellar profit growth.
Investors in China are being torn between recent data showing a resilient economy and fears that expected policy tightening, while gradual, will eventually lead to higher borrowing costs and stunt business activity. — Reuters