China Coal Energy Co. paced declines by coal companies. Fiberhome Telecommunication Technologies Co. added 2.5 percent.
The Shanghai Composite Index rose 0.1 percent to 2,029.59 as of 9:45 a.m. local time after falling 0.3 percent earlier. The CSI 300 Index advanced 0.3 percent to 2,162.17.
UBS AG cut its forecast for China’s 2014 economic growth to 7.3 percent from 7.5 percent, and that for next year to 6.8 percent from 7.0 percent, Wang Tao, an economist at the Swiss bank, cited weaker property activity for the lower estimates and said the government will probably take steps to ease property curbs.
A gauge tracking telecommunication companies gained 1.2 percent, taking its quarterly advance to 2.3 percent.
E-House China Holdings Ltd. led a drop in Chinese real-estate companies in the U.S. yesterday amid mounting concern that home sales in the world’s second-largest economy are slowing.
The American depositary receipts of E-House, a real-estate agent, slid as much as 6.1 percent.SouFun Holdings Ltd., which operates a real estate website, sank for the first time in three days. New Oriental Education & Technology Group Inc. tumbled the most on the ADR gauge as Deutsche Bank AG cut it to hold from buy.
New home sales fell 47 percent over the May 1-3 holidays to the lowest level in four years in 54 cities, Centaline Group said in a report this week. The value of China’s residential sales slumped 7.7 percent in the first quarter after money supply grew at the slowest pace on record in March amid an economic slowdown.