Yanlord Land off 1.6% to $1.84, surrendering part of yesterday's +8.7% gain triggered by hopes that stronger Rmb will spur demand for China assets, including property. Selling not widespread as volume mere fraction of yesterday's 24.3m shares. 20-day MA $1.68 will lend support. DBS Vickers, which has Hold call with $1.71 target does not see any fund flows into China property arising from Rmb policy shift in near term.
The cooling down of the housing sector in tier-1 and key tier-2 cities remains top on the govt's agenda. For week ended 20 Jun, transaction volumes in 35 major Chinese cities declined 27% from a week earlier , some to levels lower than in 2008.
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