UBS, JPMorgan turn positive on China property stocks
UBS AG and JPMorgan Chase & Co. turned positive on Chinese property stocks, saying the plunge in share prices this year has made them cheap and concern over tighter credit has been overdone.
China leads Asian shares lower after the State Council said yesterday that it will continue with its effort to keep property market under controls, and after the central bank drained more funds than expected from inter-bank markets, although that did offset a record-high injection prior to the New Year holiday.