Six consecutive days of gains came to an end on Tuesday as the Shanghai Composite Index fell 2.5% to 2,037.74 points in response to concerns about property and exports, Bloomberg reported. The CSI 300 Index, which tracks shares on both the Shanghai and Shenzhen bourses, fell 2.6% to 2,040.85, having risen 15% in the previous six days. China Vanke, the nation’s biggest listed property developer, fell 3.5% after sales tumbled 16% in November. Rival developers Poly Real Estate and Shanghai New Huangpu Real Estate also struggled. Power equipment manufacturer Shanghai Mechanical & Electrical Industry fell 6.9% after Fan Gang, a central bank adviser, said industrial production growth also cooled last month. The CSI 300 is Asia’s second-worst performer so far this year, having lost 62%. In what was seen as a move to boost the market, it was announced Tuesday that China’s national pension fund, the National Fund for Social Security, will be exempted from paying corporate taxes next year.
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