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Asian shares down as Beijing tightens property mortgage rules
by Himanshu Singh on Mar 04, 2013 at 03:09
Asian shares dropped on Monday in late morning trade after China tightened mortgage rules to cool the property market.
The MSCI Asia Pacific Index lost 0.3% to 134 as of 11:39 a.m. in Tokyo. China’s Shanghai Composite Index plunged 2.2% after Beijing called for higher down payments and interest rates for second-home mortgages in cities with “excessively fast” price gains.
Hong Kong’s Hang Seng Index slipped 1%. South Korea’s Kospi Index fell 0.3% and Australia’s S&P/ASX 200 Index declined 1.2%. Japan’s Nikkei 225 Stock Average climbed 0.6% paring a gain of as much as 1.4%.
Losses in shares were limited as robust US economic figures overshadowed worries about automatic spending cuts hurting the US economy.
In corporate news, Industrial & Commercial Bank of China Ltd., the world’s biggest lender by market value slid 1.8% in Hong Kong.
Sands China Ltd., a Macau casino operator, decreased 2.3% as its parent Las Vegas Sands Corp. said it may have violated the US Foreign Corrupt Practices Act.
Mitsubishi Estate Co., Japan’s No. 1 developer by market value, rose 5.1% after Bank of Japan nominee Haruhiko Kuroda said he will do whatever it takes to end deflation.
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