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China: Stocks fall despite surge by property shares on price data
[SHANGHAI] China stocks fell roughly 1 per cent on Wednesday as a surge in property shares in the wake of encouraging home price data was offset by slides in many other sectors as investors took profits.
The market has rebounded more than 25 per cent from the low hit during the summer rout, but selling pressure is increasing as China will soon resume initial public offerings and many investors remain worried about the economy's health.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.1 percent, to 3,715.58, and the Shanghai Composite Index lost 1.0 per cent, to 3,568.47 points.
The real estate sector was the only bright spot on Wednesday, with major developers including China Vanke and Poly Property jumping on signs that the sector may have bottomed out.
China's home prices edged up 0.1 per cent in October from a year earlier, the first monthly rise in 14 months, triggering interest in the sector that lifted the CSI300 property index 3.5 per cent.
But small caps, which had led the recent market rebound, fell sharply. Shenzhen's start-up board ChiNext dropped 2.1 per cent.