SHANGHAI: China stocks closed up on Monday, led by environmental protection stocks on China's measures to achieve carbon neutrality, while property firms fell after a report said the government would roll out a pilot real estate tax in some regions.
The blue-chip CSI300 index rose 0.4% to 4,979.52, while the Shanghai Composite Index gained 0.8% to 3,609.86.
** Real estate firms lost 2.7%. The official Xinhua news agency said the State Council, or Cabinet, would determine which regions will be involved in the pilot real estate tax and other details.
** "We believe Beijing is determined to quicken the rollout of property tax, but will still proceed in a cautious way and only phase in the tax gradually. So the direct impact in the near term should be quite limited," Nomura said in a note.
** Nomura added the indirect impact could be much bigger, as the expectation of ever-rising home prices will likely be significantly reined in among Chinese households, and new home sales across China could slow down.
** The environmental protection industry index and the new energy index jumped more than 3% each.
** China's cabinet on Sunday outlined measures to achieve its goals of reaching peak carbon emissions by 2030 and carbon neutrality before 2060.
** An index tracking coal stocks went up 2.7%.
** China's state planner said on Monday it has urged coal companies to strictly perform their contractual obligations as it continues to take measures to boost supplies and steady soaring prices.
** Analysts say coal supply shortages are likely to persist for at least another few months.
** The new energy vehicles sub-index and the automobiles sub-index gained more than 3% each.
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