E-House China Falls as Property Value Concern Deepens
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Chinese stocks trading in the U.S. snapped a four-day gain as E-House China Holdings Ltd. led a drop in real-estate companies amid mounting concern that home sales in the world’s second-largest economy are slowing.
The Bloomberg index of the most-traded Chinese stocks in the U.S. fell 0.5 percent to 99.65 yesterday, while a gauge of Shanghai property stocks was little changed today. The American depositary receipts of E-House, a real-estate agent, dropped as much as 6.1 percent. SouFun Holdings Ltd., which operates a real estate website, sank for the first time in three days. New Oriental Education & Technology Group Inc. tumbled the most on the ADR gauge as Deutsche Bank AG cut it to hold from buy.