China Vanke, the nation's biggest listed property developer, jumped 9.56 percent, or 2.05 yuan (29 US cents), to 23.50 yuan. Poly Real Estate Group Co, China's second-largest developer by market value, rose 8.58 percent, or 2.09 yuan, to 26.46 yuan. Gemdale Corp, a Chinese developer that partnered with ING Groep NV, added 5.76 percent, or 1.87 yuan, to 34.34 yuan.
House prices in China's 70 major cities rose 10.9 percent last month from a year earlier after jumping 11.3 percent in January, the National Development and Reform Commission said yesterday.
Banks also enjoyed a good day despite the reserve ratio hike.
China Merchants Bank Co, the nation's biggest dual-currency credit-card issuer, climbed 3.83 percent to 29.29 yuan. The bank said today its profit more than doubled to 15.24 billion yuan in 2007 on rising interest income and increased fees from selling mutual funds.
PetroChina Co, the nation's biggest oil company and the biggest component in the Shanghai market, added 0.44 percent to close at 22.58 yuan. The company said its full-year results announcement will proceed as scheduled today.
PetroChina's shares have plunged more than half since its initial public offering price of 48 yuan on November 5.
(Shanghai Daily March 19, 2008)
