Pursuits
China Stocks Fall to 7-Week Low on Property Tax, Retail
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China’s stocks fell to the lowest level in seven weeks after the Xinhua News Agency reported the government may expand a property tax trial and Haitong Securities Co. said retailers may post weak sales this month.
China Vanke Co. and Poly Real Estate Group Co. led declines for developers after Xinhua cited the housing minister as saying the government is watching for signs of surging transaction volumes and home prices. Suning Appliance Co. plunged 4.2 percent as Haitong said November sales for traditional retailers will be hurt by a shift towards online purchases. China Petroleum & Chemical Corp. slumped the most in two weeks after the Beijing Times said China may cut gas prices tomorrow.