China: Stocks fall to 2-week low on property woes

[BEIJING] China stocks ended at their lowest in nearly two weeks on Thursday, as banks and property companies eased after the government imposed stricter rules on lending to head off growing risks in the financial system.

The CSI300 index, which tracks the largest listed companies trading in Shanghai and Shenzhen, fell 0.6 per cent to 3,308.97 points, while the Shanghai Composite Index lost 0.6 per cent to 3,068.33. Both indexes hit their lowest since Aug. 12.

The property sector was among the top losers, slumping 3 per cent at one point. The subindex finished down 2.1 per cent, marking its fifth straight day of losses.

Market speculation that more local governments may impose measures to cool rising home prices also weighed on developers'shares.

REUTERS