China’s Stocks Slump as Developers Tumble Most Since June 2008
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China’s stocks fell, led by the biggest slump among developers since 2008, after the Cabinet called for more measures to cool property prices and after growth in the nation’s services industries slowed.
The Shanghai Composite Index slid 2.6 percent, the most since Feb. 21, to 2,298.36 as of 10:31 a.m. local time. The CSI 300 Index lost 3.6 percent to 2,574.10. China Vanke Co. led a gauge of developers to the biggest tumble since June 2008 after the State Council called for higher down-payments and interest rates for second-home mortgages. China Minsheng Banking Corp. sank 4.8 percent, pacing declines among lenders.