Economics
Chinese Stocks Advance on Home Prices, Manufacturing
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Most Chinese stocks rose after the nation’s home prices advanced for the first time in 10 months and manufacturing indicators beat forecasts.
Poly Real Estate Group Co., the nation’s second-biggest property developer, surged 2.3 percent as data showed home prices across 100 cities increased in June. Aluminum Corp. of China Ltd. paced an advance for material stocks as speculation Europe’s debt crisis is easing bolstered the outlook for commodities demand. SAIC Motor Corp., the biggest Chinese automaker, slid 8.5 percent after the Guangzhou Daily reported that Guangzhou city will cap the number of new car purchases.