China stocks close higher, property leads

Chinese shares closed slightly higher on Friday as the central bank's money injection earlier this week calmed the market. The Shanghai Composite Index rose 0.6 percent, or 12.21 points, to finish at 2,054.39, while the Shenzhen Component Index gained 0.86 percent, or 66.67 points, to close at 7,855.14. Combined turnover on the two bourses expanded to 226.7 billion yuan (37.2 billion U.S. dollars) from 212 billion yuan on the previous trading day. The Chinese central bank pumped 120 billion yuan (19.7 billion U.S. dollars) into the money market on Thursday, following this year's first cash injection through reverse repurchase agreement (repo) operations on Tuesday. Property shares led the rises on Friday. China Vanke Co., the nation's largest listed property developer, gained 4.01 percent to 7.79 yuan per share. Poly Real Estate Group Co., another property heavyweight, went up 3.02 percent to 8.18 yuan per share. Investors continued to court newly listed shares. Neway Valve (Suzhou) Co. Ltd., China's first initial public offering since the year-long listing freeze, rose 4.47 percent to end the day at 22.65 yuan per share.