China Vanke led declines by the nation’s developers after the official Xinhua News Agency said the government will target 'excessive' growth in property prices in some cities.

Vanke, the nation’s biggest developer by market value, dropped 2.5% to 11.50 yuan at the 11:30am break in Shenzhen. Poly Real Estate Group, the second biggest, slumped 2.9% to 23.86 yuan in Shanghai, falling for a sixth day. China Overseas Land & Investment Ltd. dropped 4.5% to HK$17.52 in Hong Kong.

The government plans to strengthen supervision of the real- estate market and 'speed the construction of low-cost housing,' Xinhua reported yesterday, citing a meeting of the State Council.

bloomberg.com