Baidu Inc. isn’t allowed to offer guaranteed returns on fund products sold on the Internet, China’s securities watchdog said, as the country’s largest search engine joins competitors in expanding into finance.
Home prices in China’s four major cities jumped the most since January 2011, heightening concerns a bubble is forming as the government refrains from introducing more property curbs that would hinder economic growth.
China’s stocks fell the most in almost a week, led by developers, as surging home prices spurred speculation the government may tighten property curbs. Smaller companies tumbled on concern valuations are excessive.
China’s stocks fell, led by property developers, on concern the government may introduce measures to contain housing prices after they climbed in all but one city the government tracks. Technology shares also dropped, while drugmakers advanced.
The parent of Alipay.com Co., Chinese billionaire Jack Ma’s online payments operator, will pay 1.18 billion yuan ($193 million) for a controlling stake in an asset manager as he expands investment in financial services.
New home prices in China’s four major cities rose the most since January 2011 last month, led by a 19 percent jump in Guangzhou, as the government refrains from imposing further curbs to cool the market.
LDK Solar Co.’s delay in paying debt and Suntech Power Holdings Co.’s attempts to renegotiate obligations are prompting investors to gird for losses as $8.4 billion in renewable energy bonds come due by the end of 2014.