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China Overseas Land Plunges After Sale of Homes Is Blocked

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China Overseas Land & Investment Ltd. led property stocks lower in Hong Kong after authorities in the southern city of Shenzhen blocked unit sales by the company and other developers.

China Overseas Land tumbled as much 7 percent, the most since March 4, 2013, and traded down 3.8 percent at HK$24.30 as of 1:17 p.m. local time. Fantasia Holdings Group Co. fell 3.7 percent, while Guangzhou R&F dropped 4 percent. The benchmark Hang Seng Index slid 0.8 percent.