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China Shares Down in Thursday Open as Resale Home Prices Fall Faster, US Probe on Clinical Trials

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Chinese shares opened lower on Thursday as resale home prices continued to decline and amid a U.S. probe into Chinese clinical trials.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 1.4% lower to 4,054.09. The Shenzhen Component Index fell 2.4% to 15,729.92.

Resale home prices across 100 cities in China fell 0.42% month over month to 12,639 yuan per square meter in June, quickening from the 0.32% contraction logged in May, according to the China ​Index Academy.

New home prices in 100 Chinese cities slid 0.16% month over month to 17,184 yuan per square meter, matching the pace in May.

Meanwhile, A U.S. congressional committee on China has launched investigations into whether five major pharmaceutical companies conducted clinical trials in China that may have supported Chinese military capabilities.

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