China stocks hit low on flu and property

The Shanghai Composite Index fell 0.6% to 2,211.59 at Monday’s closing, the lowest point since late December, with property developers and airlines bearing the brunt due to concerns over the avian flu outbreak and renewed housing restrictions, Bloomberg reported. China Vanke (200002.SZ, 000002.SZ) and Poly Real Estate Group (600048.SH), two of the largest developers in China, fell 2% after Beijing raised the minimum down payment on second-home purchases, while airlines Air China (AIRC.LON, 601111.SH, 0753.HKG) and China Southern Airlines (ZNH.NYSE, 600029.SH, 1055.HKG) dropped on bird flu fears potentially deterring travel. Shijiazhuang Yiling Pharmaceutical (002603.SZ) on the other hand rose 10% on the government’s endorsement of their virus-combating drugs, leading an overall rise in health-care stocks.