China shares lower in early trade led by property developers

China shares were lower in early trade led by property stocks amid continuing worrries that their profit growth will slow due to further tightening measures, dealers said.

At 9:55 am, the Shanghai Composite Index was down 36.82 points or 0.70 pct at 5,224.75. It opened 3.44 points higher.

Poly Real Estate Group Co Ltd (SHA 600048) shed 2.12 yuan to 62.70, and China Merchants Property Development Co Ltd (SZA 000024; SZB 200024) lost 1.60 yuan to 57.60.

Industrial and Commercial Bank of China (SHA 601398; HK 1398) fell 0.12 yuan to 8.01.

Air China Ltd (SHA 601111) rose 1.00 yuan to 28.44, and China Eastern Airlines Corp Ltd (SHA 600115; HK 0670; NYSE CEA) gained 0.26 yuan to 21.55.

Air China's parent China National Aviation Corporation (Group) (CNAC) said Singapore Airlines and Temasek's 3.80 hkd a share offer for a China Eastern stake "does not reflect fair value." CNAC is a minority shareholder in China Eastern.

(1 usd = 7.3 yuan)