Wen said China's stock market closed lower due to insist on real estate?

China's stock market closed lower Monday, ending three consecutive days of rising prices, as investors took profits selling heavyweight. Chinese Premier Wen Jiabao earlier comment that the government will continue to regulate the real estate market. 
The benchmark Shanghai Composite Index closed down 0.7 percent, to 2509.80 points, off the index to 2536.18 points at 2507.61 points between the fluctuations. The Shenzhen Composite Index fell 0.6 percent, to 1065.31 points. Analysts said the Shanghai Composite Index being a technical correction, and the rest of the week, is expected to fluctuate in the 2500-2600 point range. Capital Care Securities analyst Lin Jinghua (Amy Lin), said the stock market up too fast, naturally there will be some adjustments. She added that the stock market short-term there is further room to rise, because the current price-earnings ratio in the low 15 times. The Shanghai Composite Index rose 2.2 percent last week.According to Phoenix (Phoenix TV) reported on Monday, Chinese Premier Wen Jiabao said that China must resolutely implement the control measures of real estate, the goal is to make housing prices return to reasonable prices.
Nanjing Securities (Nanjing Securities) analyst Xu Zhou said, the real estate crunch has affected the policy of many companies in the third quarter results, expected in the fourth quarter will be released more bad financial reporting. UBS Securities (UBS Securities) on Monday released a report, the inventory of real estate industry's A-share market is the main risk, the stock market rally of the main reasons for initially attributed to the improved liquidity and expectations of policy easing. Property stocks leading the decline, including China Merchants Real Estate (China Merchants Property Development) closed down 1.6 percent, to 17.39 yuan, Vanke A (China Vanke) fell 2.0%, to 7.68 yuan. As China's railway infrastructure investment is falling, railway construction stocks were also lower. China Railway Group (China Railway Group) fell 1.2 percent to 3.25 yuan; China Railway Construction (China Railway Construction) fell 1.2 percent to 4.97 yuan.Citigroup Inc. (Citigroup) in a report that this year China will complete the rail infrastructure investment of RMB 450 billion - 5,000 billion, next year will not exceed this level. Citigroup also said the NDRC does not approve the new line of cases, the rail infrastructure investment will be mainly concentrated in the common rail projects, the annual investment of not more than 400 billion yuan. Wynne Wang press
source: http://cn.wsj.com
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