China shares are higher midday with property developers jumping on hopes of an easing of property-tightening measures after amid market chatter that China may relax its controls on fund-raising activities by property developers that have been in place for more than three years, analysts say. The Shanghai Composite Index is up 0.8% at 1965.28, with analyst tipping the index to face immediate resistance at 2000. "The market may brace for a rebound as the easing, if confirmed, alongside with the newly-unveiled shanty housing rebuilding plan for 10 million households, may lead to a pickup in investment growth," says Central China Securities analyst Zhang Gang. Among actives, property plays China Vanke (000002.SZ) soars 8.7% to CNY9.88 and Gemdale (600383.SH) gains 6.5% to CNY6.85. Banks rise on bargain hunting after recent losses; Industrial Bank (601166.SH) is up 3.5% at CNY14.63 and China CITIC Bank (601998.SH) advances 2.5% to CNY3.66. The Shenzhen Composite Index is up 0.8% at 893.70. (amy.li@dowjones)
Posted on: Fri, 28 Jun 2013 16:27:05 +0000
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