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China Stocks Drop to Lowest Level This Month on Property, Policy

China’s stocks fell to the lowest level this month on concern the government will hold off from easing monetary policy after real-estate prices rose in the largest number of cities in 14 months.

China Vanke Co. and Poly Real Estate Group Co. led declines for the nation’s property developers. The Financial News, run by the People’s Bank of China, said in a commentary the central bank has no plan to cut lenders’ reserve-requirement ratios in the short term. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. fell to the lowest in two weeks after profit declined and the China Securities Journal reported the government is studying a resource tax on rare earths.