Shanghai's key stock index yesterday fell for the first time in four days on concerns the central government may unveil more measures to tighten control of property developers.

The Shanghai Composite Index dipped 0.21 percent, or 5.59 points, to close at 2,666.30. Turnover was 128.9 billion yuan (US$10.9 billion).

Beijing is working on a plan to ban property developers from directly accepting payments for the purchase of uncompleted homes, 21st Century Business Herald reported yesterday, citing unnamed sources close to the matter.

Poly Real Estate Group Co, China's second-largest developer by market value, declined nearly 1 percent to 13.16 yuan. Gemdale Corp lost 2.27 percent to 6.90 yuan.

"Investors may take profit from previous gains of property shares, and the overall market will remain rather flat on concerns over the direction of macroeconomic policies," Zhongyuan Securities wrote yesterday.

The finance sector outperformed the market as China Everbright Bank rose 18.06 percent to 3.66 yuan on its debut in Shanghai. Its IPO was the second-largest in China this year.

China Pacific Insurance Group Co rose 1 percent to 24.42 yuan. The Bank of China added 0.29 percent to 3.48 yuan.

Gold miners gained after bullion prices hit six-week highs against a weak US dollar. Shandong Gold Mining Co grew 2.8 percent to 42.65 yuan and Zhongjin Gold Co rose 1 percent to 35.34 yuan. Zijin Mining Group Co, China's largest gold producer, gained 1.23 percent to end at 6.59 yuan.