Chinese Shares Lower in Trade Thursday

Chinese share prices were 2.37 percent lower in early trade Thursday as Beijing's measures to boost the sagging property market failed to boost sentiment, dealers said.

The benchmark Shanghai Composite Index, which covers A and B shares, was down 44.86 points at 1,850.96.

The government announced late Wednesday it would introduce tax breaks for certain housing transactions from November 1 and relax mortgage rates for first-time home buyers.

The Shanghai A-share index fell 47.15 points, or 2.37 percent, to 1,944.23, while the Shenzhen A-share index lost 7.12 points, or 1.33 percent, to 529.41

AFP

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