Chinese stocks close mixed on property control speculation

BEIJING - Chinese stocks closed mixed on Thursday amid looming speculation that larger cities are mulling a new round of property controls.

The benchmark Shanghai Composite Index gained for the fourth consecutive day despite market tremors. It edged up 0.12 percent, or 2.95 points, to end at 2,385.42 points.

Over the first month of 2013, the Shanghai bourse has shown accumulated growth of 5.12 percent.

The Shenzhen Component Index slipped 1.19 percent, or 116.17 points, to close at 9,667.67 points.

Combined turnover on the two bourses shrank to 212.5 billion yuan ($34.15 billion) from 229.9 billion yuan the previous trading day.

Shares of the non-ferrous metal, electricity and environmental protection sectors led the growth, while the property sector largely drove down market performance.

Among real estate stocks, more than nine out of ten dipped on Thursday, leaving the sub-index down 3.78 percent from a day ago.

Earlier Thursday morning, media reports said a property tax plan for Beijing has been sent to the State Council for approval and is likely to come out in the first half of the year.

Market sentiment took a blow from the news, as industry insiders have been expecting first-tier cities like Beijing, Shanghai and Guangzhou to roll out tougher tightening polices to cool down the rebounding property market.