Stocks end higher amid MSCI optimism STOCKS ended higher yesterday, underpinned by a rally in late trade, as optimism towards MSCI inclusion of 234 Chinese large caps helped overcome worries about China economy and Sino-U.S. trade tensions. The blue-chip CSI300 index ended 0.4 percent higher at 3,924.10, while the Shanghai Composite Index closed up 0.6 percent at 3,192.12 points. MSCI, the U.S. index publisher, said yesterday 234 Chinese large caps will be partially included in its global and regional indexes June 1. China Tower files for HK IPO CHINA Tower, the world’s biggest operator of mobile phone towers, has applied to list its shares in Hong Kong in what could become the city’s second US$10 billion offering this year. The company, formed in 2014 from the towers operations of China’s three State telecom providers, filed an application for an initial public offering (IPO) Monday. The application comes a little more than a week after Chinese smartphone maker Xiaomi filed for an IPO that could also raise as much as US$10 billion. It would be the first time the city has hosted two mega-flotations since 2010. Dandong curbs buying frenzy in property market THE Chinese city of Dandong, which lies on the border with North Korea, is tightening regulation of its property market after speculators pushed up home prices as they bet on North Korea’s pledge to rebuild its economy. Investors are flooding into the property market in Dandong, hoping to obtain early market share after the historic inter-Korea summit last month. According to the guidelines issued by the Dandong government, the city plans to impose purchase restrictions in a new zone next to North Korea. Non-local residents will not be allowed to re-sell newly built homes within two years of purchase. Tianjin halts land sale for former Bohai Steel unit THE land authority of Tianjin, a port city in North China, has ordered a court to freeze a land auction planned by a creditor of a former unit of the debt-stricken Bohai Steel Group, according to three sources and documents seen by media. Bohai Steel and its units have been undergoing a State debt restructuring program since 2016 as the conglomerate struggles with liabilities of around 192 billion yuan (US$30.26 billion) in one of the most high-profile failures of a State-owned enterprise in years. |