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Shanghai Elegant Likes Solar Stocks, Developers Not So Much

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solar3 August 31, 2010 (Chinavestor) Shanghai Elegant Investment Co. is bullish on solar stocks as China's government takes action to promote increased use of alternative fuels and energy sources while moving to reduce the country's pollution. On the other hand, the investment firm is less bullish in its outlook for homebuilders, saying property curbs will continue to weigh on the sector. The firm manages $400 million.

Property stocks are the worst performers this year among the five industry groups tracked by the Shanghai Composite Index (SHA:000001). That performance is due in part to Beijing's efforts to cool property prices by requiring banks to carry higher capital reserves and the implementation of stricter downpayment requirements for home buyers.

China, the world's biggest polluter, may spend about 5 trillion yuan ($738 billion) in the next decade developing cleaner sources of energy, Bloomberg News reported, citing comments made by Jiang Bing, head of the National Energy Administration’s planning and development department, in July.



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