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1st LD Writethru: Chinese shares slide Thursday, property stocks sink

Xinhua, August 25, 2016 Adjust font size:

Chinese stocks dropped notably on Thursday, led by property sector shares.

The benchmark Shanghai Composite Index decreased 0.57 percent to close at 3,068.33 points, a nearly two-week low.

The Shenzhen index closed 0.76 percent lower at 10,679.15 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, was down 0.53 percent to close at 2,180.66 points.

Turnover on the two bourses grew to 511.1 billion yuan (76.74 billion U.S. dollars) from 449.1 billion yuan the previous trading day.

Major real estate companies dropped significantly Thursday amid speculation that the central government would roll out more measures against rising house prices. Analysts said after the latest land deal in Shanghai, estimated at 150,000 yuan per square meter, it was not a surprise that the government was moving to cool the property market.

Shares related to peer-to-peer (P2P) lending also lost, due to the release of more stringent P2P lending regulations by China Banking Regulatory Commission (CBRC) on Wednesday.

The regulation prohibits P2P platforms from accepting public deposits, pooling investors' money for their own projects, providing guarantees for lenders, or selling financial products.

On Wednesday, China's major oil producers posted lackluster performance for the first half of 2016. China National Petroleum Corp. (CNPC)registered a nearly 97.9 percent decline in its net profits, making only 531 million yuan, while China National Offshore Oil Corp. (CNOOC) saw a loss of 7.74 billion yuan. Endi