China: Shanghai stocks fall despite property easing measures

China's stocks resumed their slide on Wednesday as sceptical investors quickly booked profits on gains made in the previous day, shrugging off fresh government measures to boost the property market. 

PHOTO: EPA

FEB 3, 20163:20 PM

[SHANGHAI] China's stocks resumed their slide on Wednesday as sceptical investors quickly booked profits on gains made in the previous day, shrugging off fresh government measures to boost the property market.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.4 per cent to 2,948.64 points.

The Shanghai Composite Index also lost 0.4 per cent to 2,739.25 points.

Late on Tuesday, China said it would reduce the minimum down payment required for first and second time home buyers in most cities, a move aimed at clearing a massive housing glut that is weighing on the property market and the broader economy.

But some analysts say continued easing to prop up China's frothy property prices would do little to spur new property investment, and would put the yuan currency under even more downward pressure.

REUTERS