China: Stocks drift; property shares surge amid Vanke excitement
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SHANGHAI] China stocks were little changed on Friday and ended the week roughly flat as worries about the economy and regulators' crackdown on speculation kept many investors on the sidelines.
The blue-chip CSI300 index rose 0.1 per cent, to 3,205.11, while the Shanghai Composite Index dipped 0.2 per cent to 2,976.70 points.
Turnover has been thin recently, as regulators have tightened supervision over speculative trading, while risk appetites have been curbed by few signs of economic recovery and questions about the extent of further stimulus.
The real estate sector was in the spotlight on Friday, rising nearly 3 per cent as a high-profile battle for control of Chinese developer Vanke saw another twist.
Vanke shares surged 6.5 per cent in Shenzhen after announcements that rival China Evergrande Group had bought a nearly 5 per cent stake.
The news stirred interest in real estate stocks.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
China Calxon Group, majority owned by Evergrande, surged 10 per cent.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
