China Stocks Extend Slump to 5th Week on Property Curbs

China’s stocks fell, sending the benchmark index to a fifth week of declines, after the government said it won’t relax property controls and the nation’s two largest-listed brokerages posted profit declines.

China Vanke Co. dropped to a two-week low, leading developers lower, after the government said it will seek to keep a “firm grip” on the real estate market to prevent a rebound in housing prices. Citic Securities Co. and Haitong Securities Co. retreated after estimating falling profits in the first half of this year. Hisense Electric Co., China’s biggest manufacturer of flat-panel televisions, slumped 5.1 percent after Citic Securities reduced its earnings forecast.