China shares take no cheer from IPO delays
China shares underperformed most of Asia today, taking no cheer from the postponement of five new listings, while property developers slid on signs that Beijing is stepping up preparations for a nation-wide expansion of a property tax trial.
Local media reported the land ministry plans to form an inter-ministerial real estate registry, seen as a precursor to any country-wide expansion of property taxes, which have been on trial in Shanghai and Chongqing since 2011.
Mainland markets also failed to take any cheer from a postponement of another five planned initial public offerings after the securities regulator said on Sunday it would step up supervision of new listings.
The CSI300 of the largest Shanghai and Shenzhen A-share listings ended down 0.5pc at 2,193.7 points, its lowest closing level since end-July. The Shanghai Composite Index slipped 0.2pc in lacklustre volume.
The ChiNext Composite Index of mainly startups in technology and other nascent industries listed in Shenzhen outperformed, rising 0.7pc.
Local media also reported that the Ministry of Land and Resources announced at its annual work meeting last Friday that new land supply in cities with populations exceeding 5 million will focus on housing.