Chinese Equities Fall Sharply After China's Cabinet Announces Measures to Curb Rising Home Prices
Five Star Equities Provides Stock Research on Renren and SINA
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 03/05/13 -- Chinese equities have struggled in recent weeks as concerns regarding the nation's economy continue to mount. The Shanghai Composite Index (SHCOMP) on Monday declined 3.65 percent, its largest drop since August 2011, after the Chinese government announced new measure aimed to curb housing prices. Five Star Equities examines the outlook for Chinese equities and provides equity research on Renren Inc. (NYSE: RENN) and SINA Corp. (NASDAQ: SINA).
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The State Council, China's cabinet, announced plans to raise minimum down-payments and loan rates for second home buyers in cities where prices have experienced a rapid increase. Additionally, the Chinese government has stated it would enforce a 20 percent capital gains tax on the sale of existing homes.
"The actual impact of the new policy can be very severe or not severe at all, depending on implementation. But the wording is unexpectedly harsh," said Yao Wei, China economist at Societe Generale CIB. "In three months' time, the impact may not be big at all. But it has stirred very high negative expectations."
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Renren operates real name social networking Internet platform in the People's Republic of China. The company currently generates revenues from online advertising and internet value-added services. Renren has announced it will release results for the fourth quarter and full year 2012 on March 11th, 2013. Shares of the company have fallen approximately 14.5 percent in 2013.
SINA is an online media company serving China and the global Chinese communities. The company reported revenues for the full year 2012 were $529.3 million, an increase of 10 percent when compared to a year prior. Shares of SINA have declined nearly 5 percent in the past week.
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Datum: 05.03.2013 - 13:20 Uhr
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