Mainland developers' shares fall further

Shares in mainland developers fell further after mainland media reported Beijing will limit land acquisitions.
The pilot developers, which was included in China's "three red lines" scheme, are told to spend no more than 40 percent of annual sales to buy land, mainland media reported.
However, some have exceeded the ceiling, including Yuexiu Property (0123), Jiayuan International (2768), Greentown China (3900), China SCE Group (1966), China Resources Land (1109) and Agile Group (3383).
Meanwhile, Guangzhou R&F Properties (2777) said there is no shareholding relationship between it and the Seedland Group, which failed to repay commercial paper earlier. Seedland Group is chaired by Zhang Liang, son of Zhang Li, co-founder of R&F Properties.
R&F Properties said it does not have any financial loan or debt guarantee arrangements with the Seedland Group that directly or indirectly create a financial liability on the part of the company.