Moves by the Chinese authorities to require greater disclosure of gains related to stock and property transactions combined with fears over possible interest rate increases to dent trading late last week.
The State Administration of Taxation has issued new rules which will, from January 1 2008, require individuals to provide greater detail on income resulting from property and stock gains, whereas before, both types of income would have been included together as gains on property transfers.
Speaking to AFX news with regard to the A-share dip, Soochow Securities analyst, Cao Yan confirmed that:
"The market opened sharply lower largely due to the news that individuals will be required to report their capital gains."
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