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New Chinese property curbs introduced

Monday, March 04 07:29:20

Chinese shares are poised for their worst daily loss in 28 months today after Beijing hit property developers with harsher-than-expected tightening measures to contain housing costs.

At 0438 GMT, the CSI300 of the top Shanghai and Shenzhen A-share listings was down 5 percent at 2,534.8. The Shanghai Composite Index dived 4 percent. Losses on Monday were their respective worst since November 2010.

China's State Council announced late on Friday an increase in down payments and loan rates for buyers of second homes in cities where prices are rising too quickly. The announcement came ahead of the start of China's annual parliamentary meetings. ( C) Reuters

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