Asian stocks dropped, with the benchmark regional index declining for the first time in three days, after the conflict in Libya escalated and oil prices surged, threatening to derail the global economic recovery.
Mitsubishi Estate Co., Japan’s biggest developer by market value, halted sales of residential units in Tokyo after finding defects and will seek compensation from the builder Kajima Corp. The shares in both companies fell.
Mitsui Fudosan Co.’s bond risk plunged after Japan’s biggest real estate developer said it plans to raise as much as 324.6 billion yen ($3.2 billion) in a share sale to boost investments before the 2020 Tokyo Olympics.
Asian stocks rose, with the regional benchmark index climbing to a six-month high, as China reported industrial profits and U.S. data added to signs a recovery in the world’s largest economy is intact.