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      Shanghai FTZ boosts shares

      2013-09-29 09:03 Global Times Web Editor: qindexing
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      Prices of homes and shares in companies that are located in or near the China (Shanghai) Pilot Free Trade Zone (FTZ) have surged dramatically recently, with investors holding high expectations for the potential of the zone, which is to be officially launched Sunday.

      China's State Council released an announcement Friday specifying pilot plans to ease restrictions on foreign investment in the zone, inclu-d-ing lifting a 13-year-old ban on foreign companies manufacturing and selling electronic game devices in China.

      Shares in companies related to the FTZ have soared since the zone was approved by the State Council on July 4. For instance, Shanghai Waigaoqiao Free Trade Zone Development Co, a real estate developer and trade company located in the zone, has seen its share price surge by 273 percent from July 4 to close of trading Friday.

      Several other firms, including Shanghai Material Trading Co, have also seen their share prices more than double since early July.

      However, shares in the companies tumbled on the day that the State Council released its specific plans. Waigaoqiao, for example, plunged 8.93 percent on Friday, and Shanghai Material Trading dropped by the daily limit of 10 percent.

      Li Bo, an analyst with GF Securities, told the Global Times Saturday that the prices plummeted because the plans are not as trade-focused as investors expected.

      "The plans were not detailed enough and the highlight was the financial reform section," Li said. "This disappointed some investors, who were looking forward to seeing trade companies benefiting from the plan, so shares in these firms dropped."

      However, Li said he expected shares in the companies to bounce back. "As the State Council rolls out more plans, new rounds of speculation will follow," he said.

      Real estate investors have been snapping up property around the zone. For example, the price of a 141-square-meter furnished home in Renheng Garden on Jijing Road just next to the free trade zone has jumped by 31.6 percent to 5 million yuan ($817,000) since early August, according to Centaline Property.

      Zhang Hongwei, research director of Shanghai-based property consultancy ToSpur, said in a report released Friday that the prices of homes located in the zone could jump by up to 50 percent within a year, while the price of land will double in three years.

      Xi Xinlei, a property agent with the Shanghai Yuexin Real Estate Agency, which is close to the free trade zone, told the Global Times Friday that the supply of homes can no longer meet the demand. "Many property owners don't want to rush and sell their homes at the moment and would rather wait and see how the prices are going," she said.

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