Yi Wang News
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China’s property stocks fell as the eastern city of Wuhu suspended a decision to ease property curbs three days after its announcement, signaling that the central government won’t relax policies any time soon.
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As Chinese Premier Wen Jiabao this week opens the annual gathering of the National People’s Congress with a pledge to shrink China’s wealth gap, his challenge will be reflected in the makeup of the assembly itself.
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China told banks to stop loans for third-home purchases as the government steps up measures to cool property prices with some of the “most draconian” orders yet. Shares of developers and banks tumbled.
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China approved property tax trials on some homes in Shanghai and Chongqing, adding to measures announced earlier this week in its campaign to curb real-estate speculation and asset bubbles.
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Dollar bonds sold by China real estate companies this year are the worst performers among Asian non-financial corporate debt denominated in the U.S. currency amid concern the nation’s property market is overheating.
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Goldman Sachs Group Inc. and Credit Suisse Group Inc. cut profit and share-price estimates for Chinese property companies, citing a government clampdown on speculation to avoid asset bubbles.
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China’s stocks fell, led by developers and shipping companies, on concern Europe’s debt crisis and government measures to contain home prices will damp demand for Chinese exports and hurt earnings.
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China’s property stocks face “high policy risk” as the government seeks to damp gains in home prices, according to Goldman Sachs Group Inc.
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China increased the minimum down payment for second-home purchases and told local governments to set price targets on new properties, stepping up efforts to cool the markets and driving shares of developers lower.
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