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A-Shares Slip, Property Panic on Bubble Comment
The Shanghai Composite Index sank 2.32% to close at 3,050.52, while the Shenzhen Composite Index declined 2.72% to end at 1,109.37 on December 22. Trading volume on the Shanghai and Shenzhen Stock Exchanges stood at RMB 99.48 billion and RMB 63.19 billion, respectively.
Vice Premier Li Keqiang said on December 21 that developing nuclear power is an important step in approaching climate change issues, China Securities Journal reported. Hebei Jinniu Energy Resources (000937.SZ) sank 8.12%, SDIC Xinji Energy Company (601918.SH) dropped 7.63%, Kailuan Energy Chemical (600997.SH) fell 6.46%, Shanxi Lu'an Environment Energy Development (601699.SH) dived 6.22%, Shanxi Xishan Coal & Electricity Power (000983.SZ) fell 5.92%, Yanzhou Coal Mining Company Limited (1171.HK, NYSE:YZC, 600188.SH) declined 5.83%.
COFCO Property (Group) (000031.SZ) dived 5.67%, Shanghai Shimao (600823.SH) sank 5.08%, Lvjing Real Estate (000502.SZ) decreased 5.01%, China Merchants Property (000024.SZ) lost 4.37%, Vanke (000002.SZ) fell 3.92%. Vanke Chairman Wang Shi believes that bubbles have started to form in the Chinese real estate market and that they may spread to second- and third-tier cities, Oriental Morning Post reported.
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