Pursuits
China Stocks Drop to 2-Year Low on Housing Slump, European Debt
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China’s stocks fell to their lowest level in more than two years, after Chinese housing sales slumped and ratings companies said last week’s European summit did little to resolve the region’s debt crisis.
Anhui Conch Cement Co., whose materials are used in property construction, slid 4.5 percent after Fitch Ratings said China faces slower growth in home sales and construction next year. Poly Real Estate Group Co. led declines for developers after the nation’s biggest real-estate website reported housing transactions plunged more than 50 percent in 13 cities out of