Asia This Day:China Reins In Property Market;National Party Congress Convenes

The Shanghai property index was down 8.53% in early Monday trading,with some shares dropping as much as 10% on news of new government restrictions on the sector.It was the worst decline in five years.
The property market has really taken off,according to Jing Ullrich,Chairman of JP Morgan Global Markets China,triggering government concern about social inequality and the middle class.I think buyers may slink to the sidelines again.
Property is the one area the middle class can stash their wealth.The rising income of the middle class has stoked prices.
Property prices are hardly affordable for newcomers.There may be declines for the next three months,but in the long term,urbanisation and income growth are still very positive for the property sector.There may be a great deal of volatility in the next month or two as the new measures are applied.
This year should be a better year for the stock market than 2012.In the near term,Hong Kong shares should hold up better than the mainland,being supported by international investors,but the mainland shares are cheaper.People need to think about China concept stocks such as those of  multinational firms doing business in China.They could make double digit gains.
The National Party Congress in Beijing will be attended by 3,000 delegates over the next 10 days.Xi Jinping will be formally named President.There should be social services and urbanisation developments.Big ministries may be reshuffled.There may be financial services reform to create more of a level playing field between State-Owned Enterprises and Small and Medium-sized Enterprises,and to make the financial services industry globally competitive.
About 280 million migrant workers live in Chinese cities without social benefits.Only those born in cities have medical care.Migrant workers do not have benefits.They are second class citizens.
The Indian Nifty Fifty and Sensex indexes were both down in early Monday trading.There was a lot of pressure on auto stocks from poor February sales.Asia shares generally were down on the new Chinese property market restricitons.
Australian company profits declined,led by mining and manufacturing,as commodity prices fell.
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