Fu Chenghao/Shanghai Daily news

Banking and property stocks led a slide in Shanghai shares yesterday after a central bank report warned the nation faces a housing market price bubble.
The shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, lost 0.82 percent to close at 1,177.28. The A-share Index fell 0.82 percent to 1,236.88 while the B-share Index shed 0.63 percent to 68.37.
The people's Bank of China said in a report on Monday that a housing market bubble may be forming due to rapid expansion in some areas of China last year and that it is creating substantial risks for banks that made loans to home buyers and property developers.
Some property developers will not be able to repay their borrowings as the country tightens credit, the report said.
Shanghai pudong Development Bank Co dropped 1.85 percent to close at 8.49 yuan (US$1.05). China Merchants Bank Co decreased 2.29 percent to 6.84 yuan, and China Minsheng Banking Corp plunged 3.01 percent to 5.47 yuan.
"The real estate sector is really under pressure, especially smaller firms," said Lin Xuenong, investment manager at China Securities Co.
Among others in the sector, shares in Gemdale Corp, a Shenzhen-based property developer, plummeted 5.05 percent to close at 5.08 yuan.