Shares of CapitaLand Ltd fell after the biggest
property developer in Southeast Asia posted a 45 percent drop in
fourth-quarter net profit and the Chinese government pledged to
calm frothy real estate markets.
CapitaLand shares were down 2 percent at S$3.93, weighing on
the broader Straits Times Index which was 0.3 percent
Net profit of S$262.7 million ($212.4 million) for the three
months ended in December was down from S$476.6 million a year
earlier, dragged by lower fair-value gains of properties,
CapitaLand said on Thursday.
China's cabinet on Wednesday restated its intention to
extend a pilot property tax programme to more cities and urged
local authorities again to put price control targets on new
CapitaLand has significant exposure to the property market
in the world's second-largest economy.
0951 (0151 GMT)