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.
Longfor Properties Co. Chairwoman Wu Yajun is no longer China’s richest woman after divorcing Cai Kui and transferring about 40 percent of the developer’s shares the couple used to own to her ex-husband.
Most Asian stocks declined amid concern that Cyprus’s rejection of a bailout plan shows Europe will struggle to contain its debt crisis. The losses were limited as Chinese shares rallied ahead of report that may show manufacturing expanded this month.
Hong Kong stocks dropped, with the city’s benchmark index heading for its lowest close this year, amid calls for property curbs in China and as Federal Reserve minutes showed policy makers are divided over stimulus measures.
Hong Kong stocks rose for the first time in four days as a rally among mainland Chinese shares in the city offset investor concerns that Cyprus’s rejection of a bailout plan shows Europe will struggle to contain its debt crisis.