China Developers Drop Most in 5 Years on Curbs: Shanghai Mover
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China’s property stocks plunged the most since June 2008 after the government intensified a three-year campaign to cool the real estate market, ordering higher down payments and stricter enforcement of sales taxes.
The Shanghai Stock Exchange Property Index lost 9.3 percent at the close of trading, its biggest drop since June 19, 2008. China Vanke Co., the biggest developer listed on mainland exchanges, fell by the 10 percent daily limit to 10.84 yuan in Shenzhen. Poly Real Estate Group Co., the second largest, also sank by the daily limit of 10 percent to 11.37 yuan.