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1st LD-Writethru: Chinese shares close mixed Friday

Xinhua, October 21, 2016 Adjust font size:

Chinese shares closed mixed on Friday as the country decided to cool its overheated property market and improve management of private-public partnership (PPP) projects.

The benchmark Shanghai Composite Index closed up 0.21 percent at 3,090.94 points, while the smaller Shenzhen index closed 0.33 percent lower at 10,748.9 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.56 percent to close at 2,180.73 points.

Turnover hit about 506 billion yuan (around 74.9 billion U.S. dollars), down from 559.45 billion yuan the previous day.

China on Friday released September property price data and observations on housing sales over the past two weeks after several local governments rolled out targeted policies to cool their red-hot property markets.

Drastic price rises in 15 first- and second-tier cities have been "markedly contained" by policies to curb property price growth, according to the National Bureau of Statistics (NBS).

Leading property developer China Vanke saw its share price down by 2.66 percent to close at 25.25 yuan per share.

China's yuan weakened against the dollar on Friday to a fresh six-year low while official data showed continued active dollar purchases by companies in September.

Infrastructure-related stocks rose sharply, after the Ministry of Finance issued rules for managing government funds used in PPP projects.

The Power Construction Corp of China saw its share price rise by almost ten percent while stocks of China Communications Construction and China Railway Construction also posted strong performances. Endi