Shanghai Daily news

Shares in Shanghai fell for the third consecutive trading day to a new low yesterday, paced by property shares which declined on a media report saying sky-high housing prices have started to ease.
The shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, slipped 0.65 percent to 1,051.95, a nearly eight-year low when it closed at 1,041.09 on September 23, 1997. The A-share Index also eased 0.65 percent to 1,104.03, and the B-share Index trimmed 0.72 percent to 66.82.
"The macroeconomic policies, together with a series of crackdown measures on the real estate sector by the government this year, hit the growth of  property developers," said Zhang Qi, a Haitong Securities Co Ltd analyst.
"So most investors will not hold strong expectation of them this year," he added.
Prices fell among some types of housing in Shanghai and Hangzhou recently  as buyers chose to keep their money to wait for more affordable prices, said Shanghai-based China Business News.
Tianjin realty Development (Group) Co Ltd lost 1.69 percent to close at 2.9 yuan. Gemdale Corporation, a Shenzhen-based real estate developer, ended 1,68 percent lower at 7.63 yuan.
A lack of investor confidence in the market also contributed to the weak sentiment. Zhang added.