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China shares slip, property developers sink on Shenzhen curbs

Monday, 4 Nov 2013 | 2:05 AM ET

HONG KONG, Nov 4 (Reuters) - China shares made a sluggish start to the week, with the property sector a key underperformer on media reports one city is increasing minimum downpayments on second home purchases in a bid to stem price rises.

The CSI300 of the leading Shanghai and Shenzhen A-share listings finished Monday down 0.2 percent at 2,380.5 points. The Shanghai Composite Index ended flat.

Shanghai volume sank to its weakest in three months at the start of a week that includes more October China data, on Friday, and the start of a Communist Party policy-setting meeting on Saturday.

The official China Securities Journal reported on Saturday that the southern city of Shenzhen, near Hong Kong, will raise minimum downpayments on second home purchases from 60 to 70 percent in the latest move by a local government to quell rising prices.

(Reporting by Clement Tan; Editing by Richard Borsuk)