Shanghai Daily news

Shanghai shares fell to a six-year nadir yesterday, led by real estate firms' concern that tighter regulatory controls may eat into their margins.
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, shed 1.80 percent to 1,103.99, its lowest close since May 18, 1999, when it finished at 1,059.87.
The A-share Index lost 1.81 percent to close at 1,158.73 and the B-share Index edged down 1.17 percent lower to 69.76.
"Investors unloaded property stocks as the government's ongoing austerity measures will likely dent earnings," said Zhang Li, a Huatai Securities Co analyst.
Shanghai New Huang Pu Real Estate Co fell 3.54 percent to 3.81 yuan (45.9 US cents) while Shanghai Lujiazui Finance & Trade Zone Development Co, a developer in the city's key business district, dropped 2.36 percent to 5.37 yuan.
Seven government agencies on Wednesday jointly issued a set of measures to clamp down on market speculation, which was blamed for the nation's rising housing prices.
Tsinghua Tongfang Co surged to the 10 percent daily ceiling to close at 9.57 yuan while packaging materials maker Shanghai Zi Jiang Enterprise Group Co also leapt 10 percent to 3.06 yuan.