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China's main stock index slipped 0.79 percent yesterday, led by heavy profit-taking in banks and sell-off of property stocks, which continue to plunge after the government said it would enforce a land appreciation tax.

The Shanghai Composite Index closed at 2,756.983 points yesterday. Turnover in Shanghai A shares was a heavy 84.133 billion yuan. 604 companies gained and 163 were losers.

A shares of Vanke, the nation's biggest property developer, fell 1.79 percent to 16.97 yuan, although it said that new tax regulations have little impact on its business.

Poly Real Estate shares dropped 6.92 percent to 48.43 yuan yesterday.

(For more biz stories, please visit Industry Updates)