China’s Stocks Fall to 14-Month Low on Tightening Concern, IPOs
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China’s stocks fell to a 14-month low after Premier Wen Jiabao said the government will take measures to control inflation and investors speculated pending initial public offerings will sap demand for existing equities.
Industrial & Commercial Bank of China Ltd. and Poly Real Estate Group Co. paced declines by banks and developers as a government report showing new-home prices increased in all cities boosted odds of more monetary tightening. Sinoma International Engineering Co. slid 2.4 percent on the prospect Sinohydro Group Ltd.’s planned offering, China’s biggest in almost a year, will divert funds from other construction stocks.