China’s Stocks Advance to Five-Month High as Developers Rally
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China’s stocks rose, driving the benchmark index to the highest level in five months, after property developers rallied on speculation the government’s urbanization plan will support housing demand.
Poly Real Estate Group Co. and Gemdale Corp. climbed at least 1.9 percent as the Shanghai Securities News reported residency controls in smaller cities will be loosened. Beijing Jingyuntong Technology Co., a maker of photovoltaic equipment, gained after LDK Solar Co. was ordered to pay compensation to the company for contract breach. SAIC Motor Corp., the biggest Chinese automaker, dropped the most in two months after technical indicators signaled the stock was overbought.