China: Stocks drift; property shares surge amid Vanke excitement

[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.

China Calxon Group, majority owned by Evergrande, surged 10 per cent.

REUTERS