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Real estate counters rebounded in Shanghai's stock market after the Chinese central bank denied a report it was looking to raise the down payment to 50 percent of the total value of the property.

 

Among the total of 38 real estate stocks listed on the Shanghai and Shenzhen bourses, 28 reported an increase in their stock prices.

 

Shenzhen-listed China Vanke Co Ltd rose 3.56 percent to end at 6.40 yuan (80 US cents), Shanghai Jinqiao Export Processing Zone Development Co climbed 4.33 percent to 6.51 yuan and Shanghai Lujiazui Finance and Trade Zone Development Co added 2.28 percent to 8.07 yuan.

 

When speculation that a rise in the down payment would be required started at the beginning of last month, the stock prices of major developers such as Vanke Co, Shanghai Pudong Jinqiao and Hong Kong-listed Beijing Capital Land began to decline.

 

But despite the People's Bank of China's denial, it is still widely talked about that the central bank may increase the minimum down payment to 40 percent in some cities where housing prices have soared.

 

Shanghai-based Oriental Morning Post said the central bank will hold a meeting to discuss the property downpayment matter with real estate developers this week before making a final decision.

 

A central bank official declined to comment on the report.

 

Housing prices escalated in some cities in the first quarter as developers made fraudulent sales reports.

 

In a move to curb the red-hot real estate market, the central government raised the minimum down payment from 20 percent to 30 percent in some areas in March in a bid to drive speculative funds out of the market.

 

(Shanghai Daily May 16, 2006)