China Stocks Drop as Financial Companies Fall Most in Two Months
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China’s stocks fell, led by the biggest retreat in financial companies in two months, amid concern the government may encourage more competition among banks and expand property taxes.
Ping An Bank Co. paced declines among lenders as a gauge of financial shares sank 2.8 percent. China Vanke Co. and Poly Real Estate Group Co. dropped at least 3 percent after the China Securities Journal reported the government may accelerate a property-tax trial. Apple Inc. suppliers, including GoerTek Inc., jumped after a record number of iPhones were sold in the weekend debut.