SHANGHAI: China stocks were flat at midday on Friday, moving around a key psychological level, while banking shares extended declines after comments by China's premiere about breaking up a "monopoly" of the country's big banks.
The Shanghai Composite Index ended the morning session at 2,302.2, just above the key psychological level of 2,300, after gaining 1.8 percent on Thursday.
China Construction Bank, one of the "big four" banks, dropped 1.3 percent, while Bank of Beijing Co fell 0.8 percent.
Strength in property shares bolstered the index after data from the China Index Academy showed floor area sold rose month on month in March in 33 of the 40 cities monitored.
China Vanke, the country's largest real estate developer by sales, posted its second monthly sales rise in a row on Thursday, with March sales hitting 11.5 billion yuan ($1.83 billion), up 23.5 percent on the same month last year.
Analysts said property companies still faced strong pressure from the government's property-tightening policy.
The property shares sub-index rose 0.8 percent on Friday, while Vanke gained 0.4 percent and Join In (Holding) Co jumped 6.7 percent.
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