Mainland stocks rise for 5th day on property outlook

SHANGHAI - Stocks on the Chinese mainland rose for a fifth day as property developers climbed on speculation more local governments are challenging real-estate restrictions and lower oil prices spurred gains for automakers and shipping companies.

Gemdale Corp led a gauge of developers to its highest level since September after the National Business Daily reported a county in Zhejiang province canceled restrictions on home purchases from this year. China Shipping Container Lines Co, the second-largest carrier of sea-cargo boxes, jumped 2.8 percent and SAIC Motor Co climbed 1 percent after oil dropped from a nine-month high in New York. China Construction Bank Corp paced a drop for some lenders after the 21st Century Business Herald reported net deposits at the four biggest banks slumped.

"Expectations are high among investors that the government will eventually loosen its policies including curbs on the property market to preserve economic growth," said Wang Zheng, Shanghai-based chief investment officer at Jingxi Investment Management Co, which manages about $120 million. "The rally still has legs."