Mainland equities decline on foreign investment slump
China's stocks fell, dragging the benchmark index down by the most in more than two weeks, as data showing foreign direct investment sank for a fifth month underscored concern Europe's debt crisis is hurting the economy.
China Vanke Co and Poly Real Estate Group Co led a gauge of property developers to the biggest loss among industry groups after the Xinhua News Agency reported Shanghai won't loosen its property curbs. Jiangxi Copper Co and Aluminum Corp of China Ltd slumped at least 1 percent on concern the worsening European debt crisis will sap demand for commodities. Tonghua Golden-Horse Pharmaceutical Industry Co slid 3.4 percent after the drug regulator suspended sales of its products.
"Recent economic and industry data continue to point to a weakening economy and corporate earnings growth is expected to decelerate as well in the first quarter," said Wei Wei, an analyst at West China Securities Co in Shanghai.
