SHANGHAI B shares declined for a second day as land stocks fell ahead of a possible introduction of a land appreciation tax. Real estate developer Shanghai Lujiazui lost 4.8 per cent in value following yesterday's one per cent slide, to end the day at 76.2 cents. 'Doubts about the property tax are affecting the price,' a Shanghai-based trader said. 'People are not sure what to expect.' The Credit Lyonnais Shanghai B Index fell 1.52 per cent to 740.60 points on trading worth just US$1.73 million, down from $4.19 million on Tuesday. The A-share index lost 0.55 per cent. Beijing typically announces major policy changes in the last months of the year, and China's leaders have been meeting in the capital since yesterday to set economic priorities for next year. Lujiazui's rival property stocks Outer Gaoqiao and Jinqiao lost 1.2 per cent to 66 cents and four per cent to 72 cents respectively. The sharpest fall was recorded by Haixin, a maker of plush fabric used by toy companies. The company's share price fell 14.8 per cent to 62 cents on total trade worth $100,000. 'The trading of just 17,700 shares is too light to read anything into the drop,' said Joyce Leung, an institutional investor with Sun Hung Kai Securities. Shangling Electric gained 5.1 per cent with 60,000 shares traded. One company tipped to climb is Shanghai's Friendship store, with Samson Chau, China stocks analyst with Peregrine Brokerage, saying yesterday's reopening of the store should renew interest in the company. 'Most of the store has been closed for renovation since the middle of the year, so the stock should perform much better in next year,' Mr Chau said. Investor interest remains limited, however, with the company's share price falling 1.5 per cent to 40.4 cents.