China's housing prices dropped in 73 cities

Source: Bloomberg

SouFun Holding Ltd. has stated that China's housing prices have plunged to their lowest level in sixteen months, dropping by 0.3% in May to 8.684 CNY/m2 (1.364 USD/m2). The decline has been impacted by the government's decision to maintain the property curbs, which have in turn weakened the demand. In addition, the regressing economic state has also negatively influenced home values. SouFun has emphasized that the price drop has been observe in 73 cities vs. the 26 cities that have experienced growth of prices.

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Fri, 01 Jun 2012 12:37:10 GMT

Hang Seng ends 0.4% down on Friday

Hong Kong's stocks prolonged losses on Friday on weaker than expected official Chinese PMI report. HSBC separate research indicated contraction in manufacturing activity with PMI reading dropping to 48.4 Hang Seng index declined 0.38% or 71.18 points and finished at 18,558.34. Shippers extended drop with Cosco Pacific edging down 2.5% and Citic Pacific deteriorating 2.7%. On the upside remained Hong

Fri, 01 Jun 2012 12:15:11 GMT

Nikkei 225 index plunges 1.2% on China PMI data

Japan's Nikkei Stock Average tumbled on Friday after China reported it's official manufacturing activity index fell to 50.4 instead of expected smaller drop to 52.1. Moreover Yen kept appreciating against Euro, damping export stocks. Nikkei 225 lost 1.20% or 102.48 points and finished at 8,440.25. Sony Corp, which is heavily dependent on market situation in China and US, fell 3.5%.

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