China stocks ride on real-estate gains 
2019-12-27
Chinese stocks rose yesterday, lifted by strong gains in real-estate firms as China rolled out new measures to promote urbanization. The Shanghai Composite Index rose 0.85 percent to 3,007.35 points, the Shenzhen Component Index ticked up 0.72 percent to 10,303.72 points and the blue-chip CSI300 index added 0.88 percent at 4,025.99 points.
The gains were led by securities, finance, real-estate, glass-ceramic, cultural media, non-ferrous metal and chemical shares.
Nanjing Securities Co Ltd, Shanghai Wanye Enterprises Co Ltd and Shanghai Xinhua Media Co Ltd all increased by the daily limit of 10 percent.
Only jewelers and public utilities posted weak performances.
Turnover on the two bourses totaled 503.6 billion yuan (US$71.98 billion), compared with 503.2 billion yuan in the previous session.
“The relaxation of the household registration system stimulated the rise of the real-estate industry chain and the predicted reserve requirement ratio cuts were more conducive to the rebound of the financial industry and real estate,” said analysts of Hexin Tougu.
Recently, China has scrapped restrictions on household registration permits for cities under 3 million population and loosened curbs for cities of 3 to 5 million residents.
