China said data on trade with Hong Kong were inflated by arbitrage transactions that skirted rules, the government’s most explicit acknowledgment that export and import figures this year were overstated.
China’s stocks fell for the ninth time in 10 days, dragged down by property developers and material producers, after Beijing tightened rules for real estate projects to contain a rebound in home prices.
Sullivan & Cromwell LLP and Latham & Watkins LLP advised Safeway Inc., the second-largest U.S. grocery-store chain, on the sale of its Canadian stores to Empire Co.’s Sobeys Inc. unit for about C$5.8 billion ($5.7 billion) in cash.
Chinese banks extended at least $8.3 billion in loans for acquisitions and leveraged buyouts this year, seeking to generate new business as a bond-market boom cut syndicated lending to a four-year low.
Prada SpA, an Italian maker of $3,500 pony-skin totes, reported first-quarter profit growth that decelerated to the slowest pace in at least a year and said it will focus on cost control as it opens more stores.
China’s new leaders face a test of their resolve to forgo short-term stimulus for slower, more- sustainable growth after May trade, inflation and lending data trailed estimates, signaling weaker global and domestic demand.
China’s record funding expansion this year may be overstated in part because of double-counting, say Credit Suisse Group AG and Bank of America Corp. analysts trying to reconcile the data with weaker economic growth.