Reuters: Hot Stocks: China shares rally to 5-1/2 month highs on property firms

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China shares rally to 5-1/2 month highs on property firms Dec 25th 2012, 07:06 SHANGHAI | Tue Dec 25, 2012 2:06am EST SHANGHAI Dec 25 (Reuters) - Chinese shares closed up more than 2 percent at their highest in over five months on Tuesday, extending their uptrend since early this month, as investors bought property stocks on increasing optimism about the sector. The CSI300 index of the top Shanghai and Shenzhen listings closed up 2.8 percent at 2,448.4 points, while the Shanghai Composite Index was up 2.5 percent at 2,213.6 points. Both indices closed at their highest since early- or mid-July. The main property index outperformed the broader market, jumping 4.1 percent. China Vanke Co Ltd, the country's largest real estate developer by sales, closed up 6 percent, while its nearest rival Poly Real Estate Group Co Ltd rose 4.7 percent. The country's reviving economy and strong demand for housing are likely to put upward pressure on prices next year, a Reuters poll showed last week. The official Xinhua news agency reported on Tuesday that Beijing will extend its tight property sector policies into 2013 to choke speculative buying while meeting demand from buyers who intend to live in their homes. China's stock market has rebounded since early December, after the Shanghai Composite Index found support at the psychologically important 2,000-point level. The index, after moving in negative territory for most of 2012, is now up 0.6 percent so far this year. (Reporting by Lu Jianxin and Kazunori Takada) Link this Share this Digg this Email Reprints

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