Pursuits
China Stocks Drop as Investment Slump Adds to Economic Concerns
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China’s stocks fell, driving the benchmark level to the lowest level in almost a month, as a drop in foreign investment boosted concerns a slowdown in the world’s second-biggest economy will worsen.
China Vanke Co. and Poly Real Estate Group Co. led a gauge of property stocks to its biggest two-day decline since November 2010 after Premier Wen Jiabao said yesterday home prices are still far from reasonable levels. Chongqing Brewery Co. and Chongqing Changan Automobile Co. paced a decline for companies based in the municipality after Bo Xilai was replaced as the city’s communist party chief. Zijin Mining Group Co., China’s largest gold producer, dropped 2.3 percent as bullion prices tumbled to an eight-week low.