China’s Stocks Drop for Third Day This Week as Developers Tumble
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Chinese stocks fell for the third day this week, led by property developers, on concern the government will take more steps to cool the housing market and before European Central Bank policy makers meet.
A gauge tracking real-estate companies plunged 4.9 percent, the most since January. Poly Real Estate Group Co. and Beijing Capital Development Co. sank more than 9 percent. China Railway Construction Corp. declined 2.1 percent after agreeing to buy a 15 percent stake in Inter Milan, an Italian soccer club, according to people familiar with the talks. Baoshan Iron & Steel Co. paced gains by steelmakers on speculation the companies will buy back their shares to boost stock prices.