China stocks end down 0.86 pct, led by property

Published: 14 Dec 2009 23:10:00 PST

SHANGHAI, Dec 15 - China's key stock index dropped 0.86 percent on Tuesday, with property stocks weak after China vowed to curb soaring real estate prices, while blue chips gave up some gains from the previous session's rally on news of a Dubai debt deal.

The Shanghai Composite Index ended at 3,274.460 points, after rising 1.7 percent on Monday.

Gaining Shanghai A shares outnumbered losers by 446 to 417, while turnover slipped to 126 billion yuan ($18.46 billion) from Monday's 139 billion yuan.

Property shares were weak, with sector heavyweight China Vanke losing 3.39 percent to 11.39 yuan, while Poly Real Estate Group slid 3.38 percent to 23.75 yuan.

Beijing said on Monday that it would use tools including land-use policies and taxation to control property price rises, the latest indication of its concern that housing prices could rise excessively if left unchecked. ($1=6.826 Yuan)