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China shares close higher for 5th day

Thursday, September 04 08:42:36

China shares rose for a fifth straight day on Thursday, boosted by strength in real estate developers after Reuters reported Beijing is relaxing financing rules for listed property firms.

The Shanghai Composite Index climbed 0.8 percent to 2,306.86 points, its highest close since May 30, 2013.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended at 2,426.22 points, 0.7 percent higher than Wednesday, closing at its highest since Dec. 10.

China Vanke, the country's largest residential developer, rose 1.8 percent and Poly Real Estate Group put on 1.0 percent, lending strong support to the CSI300.

Reuters reported on Wednesday that listed developers would be allowed to issue medium-term notes to fund residential housing projects, supplement companies' operating cash flow and repay bank loans.

Brokerage firms were generally stronger with the trading link between stock exchanges in Hong Kong and Shanghai drawing near. CITIC Securities added 2.2 percent and Haitong Securities gained 1.5 percent. (Reuters)

For more visit: www.businessworld.ie