Monday, 24 February 2014

Chinese stocks fall on report of lending curbs

Stocks in China fell sharply on Monday. The Shanghai Composite Index fell 1.8 percent while the CSI 300 tumbled 2.2 percent.

Chinese stocks fell after the Shanghai Securities News reported on Monday that Industrial Bank and other banks may have stopped extending loans to property developers and tightened lending to other property-related sectors such as steel, cement and construction.

The news comes as another report showed that the Chinese property market may already be cooling.

Reuters calculations based on data from the National Bureau of Statistics released on Monday showed that average new home prices in China's 70 major cities rose 9.6 percent in January from a year earlier, slower than the previous month's 9.9 percent rise.

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