Govt’s real estate move hits shares 
2019-08-01
Stocks retreated yesterday from an earlier rally, dragged lower by declines in the real-estate sector amid stricter-than-expected government controls over the property market.
The benchmark Shanghai Composite Index fell 0.67 percent to close at 2,932.51 points. The smaller Shenzhen Component Index dropped 0.77 percent to 9,326.62 points, while the blue-chip CSI300 index ended 0.9 percent lower at 3,835.36 points.
Total turnover on the two major bourses shrank to 357.61 billion yuan (US$51.94 billion) compared with 384.24 billion yuan in the previous session.
China will adhere to the principle of “housing is for living in, not for speculation,” implement long-term mechanisms to maintain the sound development of the real-estate market and not use real estate as a short-term means of stimulating the economy, according to a meeting of the Political Bureau of the Communist Party of China Central Committee on Tuesday.
Building material firms were also among the biggest decliners. On the new launched STAR Market, 23 of the total 25 companies performed well.
