China Developers Fall After Property Tax Reports: Shanghai Mover
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Chinese developers fell by the most in a week in Shanghai trading after the People’s Daily reported that the government may raise taxes on ownership of properties.
A gauge tracking Shanghai-listed developers declined 1 percent at the close of trading. Beijing Capital Development Co. tumbled 1.7 percent to 5.27 yuan. China Vanke Co., the biggest real estate company listed on mainland exchanges, dropped 3 percent to 8.83 yuan in Shenzhen, its biggest drop since Sept.