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1st LD-Writethru: Chinese shares close lower Friday

Xinhua, August 5, 2016 Adjust font size:

Chinese stocks closed lower Friday, despite a notable increase in real estate and banking industry shares.

The benchmark Shanghai Composite Index dropped 0.19 percent to close at 2,976.7 points.

The Shenzhen index closed 0.23 percent lower at 10,342.28 points. The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, was down 0.97 percent to close at 2,109.06 points.

The combined turnover on the Shanghai and Shenzhen bourses dropped to 402.3 billion yuan (about 60.58 billion U.S. dollars) from 404.8 billion yuan the previous trading day.

Friday's real estate sector drew much attention from investors, due to the latest development in the fight over the control of Vanke, a Shenzhen-based real estate giant.

China Evergrande Group, another real estate developer, announced Thursday that it had bought a 4.68-percent stake of Vanke for 9.11 billion yuan, making it Vanke's fifth-largest shareholder.

Vanke's shares rose more than 6.5 percent Friday, and China Calxon Group, mostly owned by Evergrande, surged 9.98 percent.

China's regional banks also had a good day. Bank of Jiangsu rose by the daily limit of 10 percent. The bank debuted its IPO Tuesday.

Bank of Ningbo and Bank of Nanjing both rose more than 2 percent. Endi