Chinese Stocks Drop on Growth Concern as Banks, Developers Fall

China’s stocks fell for the first time in four days, led by financial and industrial companies, as growth in services industries slowed and investors speculated initial public offerings will resume this quarter.

Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, lost 2 percent and developer Gemdale Corp. sank 3.1 percent. Sany Heavy Industry Co., the largest machinery maker, slid to the lowest level in three years as oil surged in New York. The non-manufacturing purchasing managers’ index fell to 53.9 in June, an official report showed, while Credit Suisse Group AG said regulators may allow share sales by October.