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The
CSI300 index of the largest listed companies in Shanghai and
Shenzhen fell 0.9 percent, to 3,169.73, while the Shanghai
Composite Index lost 0.7 percent, to 2,957.82 points.
The indexes were firm in morning trading, helped by data on
Sunday showing industrial profits of Chinese firms returned to
growth in the first two months of the year despite a slowing
economy.
However, the equity gauges were dragged lower by property shares
in afternoon trade, amid media reports that financial regulators
in the eastern province of Zhejiang had begun to closely
scrutinize real estate financing, and warned against financial
risks associated with rapid property price rises in cities such
as Nanjing and Suzhou.
Major developers including Gemdale Corp properties and Poly Real
Estate fell, apparently on fears that real estate curbs, already
adopted in Shanghai and Shenzhen, could spread to other cities
in the country.
(Reporting Samuel Shen and Nathaniel Taplin; Editing by
Jacqueline Wong)
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