Southwest China's Chongqing region which began to impose property taxes starting this quarter. It is part of efforts to suppress the inflation of housing prices.
The shares of Hong Kong developers such as China Resources Land Ltd. and Hang Lung Properties was under pressure to 3 percent early this week.
Approximately 2,000 listed companies in China stock market will report the performance of 2010 in the near future until the end of April. Projection while the market is growing at last year's performance would have increased 40 percent compared to performance in 2009.
Investors still wary amid price fluctuations and volatility is still the concern of the central bank's monetary tightening to curb economic growth and inflation volatility.
Yesterday the index closed down 219 points, or 0.92 percent to 23,517. "Technically, with the formation of 3-Black Crows at the daily close on the index reinforces a bearish indication that the current potential with a range of 23063-23387 to continue weakening," said Ahim.