Asian stocks outside Japan declined, led by material producers and developers, on concern policy makers in China will step up efforts to cool the property market and as Hong Kong banks raised mortgage rates.
Most Asian stocks dropped on concern Cyprus’s bank-restructuring plan will be used for other European nations, imperiling depositors and bondholders, and on a report China is stepping up property curbs.
Country Garden Holdings Co., controlled by China’s richest woman Yang Huiyan, rose to the highest in more than five years in Hong Kong trading after it exceeded its 2013 property sales target by the end of September.
Dollar bonds sold this week by Country Garden Holdings Co. , the China developer controlled by billionaire Yang Huiyan , fell after a newspaper reported the company was ordered to halt a project amid regulatory breaches. Country Garden denied its project was involved.