Property company shares drove Chinese stock markets to a new high Tuesday, buoyed by reports of rising housing prices in the nation's cities.

The benchmark Shanghai Composite Index surged past the 3,600 point mark for the first time to reach 3,611.87 points, up 0.43 percent from the previous close. Turnover reached 177.82 billion yuan (23 billion U.S. dollars).

The Component Index of the Shenzhen Stock Exchange rose 39.9 points, or 0.39 percent, to conclude the trading day at a record 10,289.1 points on turnover of 101.4 billion yuan (12.7 billion U.S. dollars).

Property shares performed well, with China Vanke gaining 3.1 percent to 19.46 yuan, Gemdale rising by the daily 10 percent limit to 19.93 yuan and Silvertie Holding Co. closing at 8.2 yuan after also increasing by the 10 percent daily limit.

Housing prices in China would keep rising steadily as the demand was still on the rise, so the real estate sector was promising in the mid and long term, said analysts.

The average prices of new homes in 70 Chinese cities rose 6 percent in the first three months over the same period last year and 0.1 percentage point higher than the February level, according to figures from the National Development and Reform Commission released on Tuesday.

Shares in the chemical fibre, textiles, steel, coal and power supply sectors were also in favor.

Mengdian Huaneng Thermal Power rose to the 10-percent daily limit to close at 7.54 yuan. Black Peony Co., a textile and clothing company, also rose to the limit to finish at 8.64 yuan.

Shanghai stock exchange recorded 637 gainers and 202 losers with 53 shares unchanged, while the Shenzhen bourse saw 433 gainers and 150 losers with 73 shares unchanged.

Source: Xinhua