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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China shares rise on moves to boost real estate AP - Friday, December 19 SHANGHAI, China - Chinese shares rose Thursday after the government announced tax cuts and other moves aimed at propping up the weakening housing sector. Renewed hopes for an interest rate cut also buoyed buying sentiment. The benchmark Shanghai Composite Index opened lower but rebounded on gains in bank shares in the afternoon. It climbed 2 percent, or 38.87 points, to 2,015.69, and the smaller Shenzhen Composite Index edged up 1.7 percent to 617.3. Investors were less impressed by political speechmaking marking the 30th anniversary of China's current era of economic reforms than by actual moves to boost the economy, analysts said. "In general, investors are optimistic about the market as a series of government support measures have emerged one after another," said Xu Zhiyuan, an analyst for Capital Edge Investment & Management in Shanghai. Banks extended gains as a U.S. interest rate cut triggered expectations that China might follow suit. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, jumped 2.1 percent to 3.86 yuan; Bank of China Ltd. added 1.9 percent to 3.20 yuan and China Construction Bank Ltd. advanced 1.9 percent to 4.20 yuan. Midsized lender Shanghai Pudong Development Bank Ltd. surged 7.5 percent to 14.83 yuan. Developers rebounded after the Cabinet announced Wednesday that individual buyers of second homes would receive preferential mortgage rates similar to those enjoyed by first-time buyers. But the uptick was lower than expected. "Major cities have launched similar policies before, and properties rallied quite a lot in previous sessions," said Zhang Linchang, an analyst for Guotai Junan Securities in Shanghai. China Vanke Ltd., the country's biggest developer, climbed 3 percent to 7.81 yuan, and rival Poly Real Estate Group, inched up 0.1 percent to 18.34 yuan. Refiners gained after crude oil prices dropped below $40 a barrel. Refiner China Petroleum & Chemical Corp., also known as Sinopec, climbed 1 percent to 11.11 yuan, while PetroChina Co., Asia's largest oil and gas producer, also gained 1 percent, to 7.93 yuan. China's yuan strengthened to 6.8312 to the U.S. dollar around 0800 GMT, up from Wednesday's close of 6.8373. Analysts said the U.S. rate cut dampened demand for the dollar. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Obama picks 3 financial regulatorsAP - 33 minutes ago World markets subdued amid economic gloomAP - 53 minutes ago Rate cut on cards as Bank of Japan meetsAFP - 1 hour 14 minutes ago Stocks open higher amid hopes for stimulus movesAP - 1 hour 50 minutes ago Related Articles: Business US STOCKS-Wall St edges up as data offsets profit fearsReuters - 23 minutes ago Turkish lira gains 3 pct, rate cut eyedReuters - 28 minutes ago Obama picks 3 financial regulatorsAP - 33 minutes ago FACTBOX-Firms exposed to Madoff's alleged fraud =4Reuters - 36 minutes ago Mortgage rates at 37-year lowAP - 38 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Actress Jennifer Aniston appears naked in GQ magazine US doctors hail near-total face transplant Bush laughs off Iraq flying shoes drama Dollar dives to 13-year low against yen after Fed cut View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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