Stock markets in Shanghai and Shenzhen slumped for a fifth straight day Wednesday as a slew of bad news cast a shadow over several of the markets' heavy weight sectors.
The Shanghai Composite Index dived 0.99 percent, or 22.64 points, to close at 2,263.97; while the Shenzhen Component Index also surrendered 0.99 percent, or 90.42 points, to finish at 9,073.22.
Trading was rocky from the start Wednesday as shares exposed to the real estate market were broad-sided by news that authorities in Shenzhen had ordered developers to keep prices on new homes even with the previous month. Among the mainland's most prominent listed property developers, Gemdale Corp lost 4.57 percent to 6.05 yuan ($0.97), while China Vanke Co shed 2.41 percent to 10.95 yuan.
Securities and banking stocks slumped as well following reports that Guo Shuqing, chairman of the China Securities Regulatory Commission (CSRC), would soon be stepping down from his post to become the governor of Shandong Province. Since taking the helm of the CSRC in October 2011, Guo has been seen as a leading figure in the commission's crackdowns on impropriety in the financial markets.
Haitong Securities Co shaved off 2.70 percent to 11.18 yuan. China Merchants Bank Co declined 1.78 percent to 12.67 yuan.
On the up side, nonferrous metal and chemical fiber shares escaped the downward momentum and broke through into gains. Rising Nonferrous Metals Share Co jumped 4.06 percent to 60.02 yuan. Hengyi Petrochemical Co soared past its 10-percent daily trading limit to 11.13 yuan.
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