China’s new-home prices rose last month in 68 of 70 cities tracked by the government, indicating Premier Li Keqiang will need to maintain efforts to cool the property market even as economic growth slows.
Asia’s benchmark stock index is poised for a second weekly advance after Japan’s Topix Index closed at the highest level since 2008 as leasing companies rallied on a report Prime Minister Shinzo Abe will encourage the practice as part of his growth strategy.
China Vanke Co., Poly Real Estate Co. and Gemdale Corp. led declines by shares of property developers on concerns that China’s economy is slowing and that authorities may introduce new curbs to rein in home prices.
China’s stocks fell the most in three weeks after JPMorgan Chase & Co. cut its growth outlook for the nation’s economy and concern grew the government is introducing more property restrictions to limit gains in housing prices.
China’s stocks fell as economic reports overshadowed speculation the government will postpone the resumption of initial public offerings. A gauge of consumer- discretionary stocks dropped the most in two weeks.
The last time Chinese stocks were this cheap relative to bonds, the Shanghai Composite Index rallied 18 percent within two months. The prospect of history repeating itself is luring some fund managers back to equities.