Shanghai property shares listed in Hong Kong became the focus of market yestoday affected by the news which top leader of Shanghai -Chen Liangyu was removed from office due to the alleged corruption in the pension fund scandal.
Mainland property stocks were pressed universally and fell at the size of 1.6% to 4.4%.
Analysts said the Shanghai's move of top leader brought the worries on the restoring city's housing price, the investors undersold their stocks which led to property shares weak. Those shares focusing on the Shanghai's business dropped greatly.
China Overseas Holdings closed at 5.95 yuan, down 4.3%; Shimao Property ended at 7.84 yuan, an decrease of 4.4%; China Resource Land closed at 5.22 yuan, down 2.2%.
The news also dragged Shanghai A shares which closed at 1808.75, down 3.94 and Shenzhen A shares which closed at 446.42, down 0.03%.