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China stocks fell on government warnings of excessisve house prices

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real_estateDec 15, 2009 (Chinavestor) Chinese stocks fell in Asia on Tuesday following comments from government officials of "excessive" housing prices in some cities. Real estate developers weighted on indices in Shanghai and Hong Kong. Poly Real Estate (SHA:600048) fell -3.4% in Shanghai followed by China Vanke (SHE:200002), China's top two real estate developers. China Life Insurance (SHA:601628) (NYSE:LFC) fell -3.3% in Shanghai and its H-shares (HKG:2628) shed -2.2% in Hong Kong due to an average premiums income growth for November. Chinese airliners were particularly underperforming in Hong Kong; China Eastern Air (HKG:0670) (NYSE:CEA) shed -2.1% followed by a -2.2% fall of China Southern Air (HKG:1055) (NYSE:ZNH) and a -3.0% fall by Air China (HKG:0753). Stocks that fell outnumbered those that advanced four to one of the 44 member Hang Seng Index components. But all three HKEx listed power generators advanced strongly; Huadian Power (HKG:1071) rose 3.4% followed by Datang Power (HKG:0991) and Huaneng Power (HKG:0902) (NYSE:HNP). Considering that Huaneng Power (NSE:HNP) is the most oversold China ADR at the moment, expect HNP to outperform on the NYSE in the upcoming days.  NYSE-HKEx cross-listed blue chips that rose in Hong Kong on Tuesday include China Mobile (HKG:0941) (NYSE:CHL) and Aluminum Corp. of China (HKG:2600) (NYSE:ACH). Expect these companies to do well on the NYSE today.

Index futures point to a narrow open for China ADRs ahead the FED two-day meeting. Expect momentum stocks to do well but investors should avoid overbought China play on Tuesday.

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Considering that real estate firms underperformed in Hong Kong and Shanghai, the China Real estate ETF (NYSE:TAO) is under immense pressure before the bell on Tuesday. Another vulnerable ETF is the China Small Cap ETF (NYSE:HAO), according to the overbought monitor.

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