Chinese property developers including Gemdale Corp. and Beijing Capital Development Co. denied a China Central Television report, which claimed they were among 45 firms that failed to pay at least 3.8 trillion yuan ($624 billion) in land taxes between 2005 and 2012.
Emerging-market stocks capped the biggest decline in three months, led by commodity and technology companies, after data showed a slowdown in Chinese manufacturing. Brazil’s real led losses among major currencies.
Most Chinese stocks fell after a manufacturing gauge declined and on speculation the government will announce property curbs. A rally for energy shares almost erased a loss of as much as 1.3 percent for the benchmark index.
More than a dozen Chinese developers gathered for breakfast at a Los Angeles hotel one Sunday earlier this month before taking off for meetings with property brokers, attorneys and potential business partners.
Chinese developers’ sales of dollar bonds more than doubled this year, reflecting confidence the government will tolerate a sustained property boom as home prices climb at the fastest pace since January 2011.
Faced with curbs on luxury residences and fundraising at home, China’s biggest mainland-listed property developer is building apartments for wealthy Chinese in Singapore and raising debt in the city’s currency.