Chinese stocks inch up on targeted credit easing, but property stocks slide
Shanghai Composite up 0.2% and CSI300 up 0.2% early after Beijing credit-easing steps; CSI300 Real Estate Index down nearly 7%, H-share index down 0.6%. PBOC cuts 1-year PSL rate to 1.5% from 1.75% and subsidises mortgages for first-time buyers.
By Jiaxing Li and Samuel Shen HONG KONG, Sept 30 (Reuters) — Chinese stocks made modest gains on Wednesday, finding some support from Beijing's latest package of targeted credit-easing measures, though property stocks slid as steps aimed at helping the sector underwhelmed. 01 in early trade. 2% higher after hitting a one-year low in the previous session. 75% to fund investment in water, power grid, computing, telecommunications and other infrastructure projects.
"The policy is in the right direction. But the government has refrained from strong stimulus, unveiling measures that are not adequate," said Charles Wang, chairman of Shenzhen Dragon Pacific Capital Management. " The government also said it will subsidise mortgages for eligible first-time homebuyers, offering to subsidise 1 percentage point of annual interest payments for up to five years. But Wen Xunneng, CEO of Zhu Liu Asset Management, said that expectations of the new policy had long been priced in, leading to sharp falls for property stocks on Wednesday.
China's CSI 300 Real Estate Index was down nearly 7%. 5%. com)