China shares fall from 7-month high, property sector sags
HONG KONG, Jan 8 (Reuters) - Mainland China shares fell from a near seven-month high on Tuesday, hit by weakness in the property and financial sectors after official media said a stricter enforcement of property curbs was needed to crimp rising home prices.
The CSI300 of the top Shanghai and Shenzhen listings closed down 0.4 percent at 2,525.3. The Shanghai Composite Index shed 0.4 percent. Both indexes had closed at their highest since mid-June on Monday.
Chinese property shares were hit by a front page editorial in the official China Securities Journal warning that stricter implementation of curbs on the sector is necessary to control home prices as the market expects them to climb significantly in the first half of this year.
Ping An Insurance shares sank 3.7 percent in Shanghai, hit by a report that state-run China Development Bank (CDB) had expressed concern over the funding behind the effort of Thai conglomerate CP Group to buy HSBC's stake in China's second-largest insurer.
(Reporting by Clement Tan and Yimou Lee; Editing by Jacqueline Wong)