Shanghai Daily news

Shares in Shanghai dipped yesterday as real estate developers took a hit after the central bank required local lenders to tighten property loans.
"The move may dent profits at developers who have been counting on a boom in the city's housing market the past two years," said Lu Chengde, a Guosen Securities Co analyst.
The shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, lost 1.16 percent to 1,093.46.
The a-share Index also slipped 1.16 percent to 1,147.98 while the B-share Index dropped 1.46 percent to 67.54.
The people's Bank of China's Shanghai Branch issued new lending guidelines late on Monday to commercial lenders. It urged them to curb loans to office and retail development projects and luxury residential properties.
The central bank also ordered lenders to increase down payments for applicants seeking mortgages on high-end residential units.
It did not provide further details.
Shanghai lujiazui Finance & Trade Zone Development Co tumbled 1.88 percent to 5.21 yuan (63 US cents).
Shanghai shimao Co, which is owned by property tycoon Xu Rongmao, lost 3.09 percent to close at 3.76 yuan.
Shanghai waigaoqiao Free Trade Zone Development Co, a property developer, fell 1.24 percent to 5.58 yuan.
Sany heavy Industry Co surged 10 percent to 21.65 yuan on its first trading day since June 1.