Yanlord Land (Z25.SG) off 3.2% at $1.81, surrendering part of yesterday’s +8.7% gain triggered by hopes that stronger yuan will spur demand for China assets, including property, says Dow Jones.

Selling not widespread as volume mere fraction of yesterday’s entire 24.3 million shares. 5-day moving average, last at $1.77, expected to lend support. DBS Vickers, which has Hold call with $1.71 target, says any fund flows into China property arising from RMB policy shift unlikely in near term.

“The Chinese government has set strict restrictions for foreigners to buy properties now as they are generally viewed as investors/speculators. The cool-down of the residential property sector and a price correction in tier-1 and key tier-2 cities remains top (on the government’s) agendas,” says DBS Vickers.