China Stocks Fall to Three-Week Low as Home-Price Growth Slows
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China’s stocks fell, sending the benchmark index to the lowest level in three weeks, amid concern weakness in the property market and curbs on interbank borrowing will worsen the economic slowdown.
Poly Real Estate Group Co. led Shanghai-based developers to the biggest loss among industry groups after new-home prices climbed in the fewest cities since October 2012. China Minsheng Banking Corp. slid to a two-month low as UBS AG said it was cautious on the lender’s shares after the government ordered interbank lending restrictions. Wuliangye Yibin Co. fell 2.5 percent after the China Securities Journal said the company had cut the price of some liquor products by more than 30 percent.