China shares rise on boost from environmental protection firms; property falls

China stocks closed up on Monday, led by environmental protection stocks on China's measures to achieve carbon neutrality, while property firms fell after a report said the government would roll out a pilot real estate tax in some regions.

China stocks closed up on Monday, led by environmental protection stocks on China's measures to achieve carbon neutrality, while property firms fell after a report said the government would roll out a pilot real estate tax in some regions. The blue-chip CSI300 index rose 0.4% to 4,979.52, while the Shanghai Composite Index gained 0.8% to 3,609.86.

** Real estate firms lost 2.7%. The official Xinhua news agency said the State Council, or Cabinet, would determine which regions will be involved in the pilot real estate tax and other details. ** "We believe Beijing is determined to quicken the rollout of property tax, but will still proceed in a cautious way and only phase in the tax gradually. So the direct impact in the near term should be quite limited," Nomura said in a note.

** Nomura added the indirect impact could be much bigger, as the expectation of ever-rising home prices will likely be significantly reined in among Chinese households, and new home sales across China could slow down. ** The environmental protection industry index and the new energy index jumped more than 3% each.

** China's cabinet on Sunday outlined measures to achieve its goals of reaching peak carbon emissions by 2030 and carbon neutrality before 2060. ** An index tracking coal stocks went up 2.7%.

** China's state planner said on Monday it has urged coal companies to strictly perform their contractual obligations as it continues to take measures to boost supplies and steady soaring prices. ** Analysts say coal supply shortages are likely to persist for at least another few months.

** The new energy vehicles sub-index and the automobiles sub-index gained more than 3% each.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)