Chinese stocks in New York fell the most in three weeks, led by SouFun Holdings Ltd., as China’s biggest real estate website posted the steepest four-day slump since 2011 on concern policy makers will step up efforts to curb rising home prices.
NQ Mobile Inc. surged to a three- month high, driving gains in Chinese companies traded in New York, after Altimeter Capital Management LLC reported an increase in holdings. Cnooc Ltd. sank the most since June 2012.
Chinese stocks fell for a fourth day in New York, the longest stretch of declines in five months, after the nation ordered cities to limit home purchases and data showed foreign direct investment retreated in January.
Chinese equities rallied the most in a month in New York after Goldman Sachs Group Inc. recommended buying Home Inns & Hotels Management Inc. and as data showed Qihoo 360 Technology Co.’s search market share grew.
Home Inns & Hotels Management Inc., China’s biggest budget hotel operator, is maintaining its sales growth forecast as leisure travel resists the slowdown in Asia’s largest economy, said Chief Executive Officer David Sun.
Chinese stocks traded in the U.S. fell, led by Ctrip.com International Ltd., as skepticism that Spain’s bailout plan will help tame Europe’s debt crisis outweighed speculation that China’s higher-than-estimated new lending may help stem a slowdown in its economy.
The largest exchange-traded fund of Chinese equities jumped to a two-week high in the U.S. and the nation’s leisure and travel companies gained after growth in the Asian economy accelerated for the first time in two years.