China Stock Index Slides, Led by Vanke: World's Biggest Mover

China's stocks fell by the most in four months. Property developers and oil-related shares led declines after China Vanke Co. reported a drop in sales and the price of crude dropped.

Vanke, China's biggest listed property developer, slid to its lowest in two weeks. PetroChina Co., the world's largest company following its debut on the Shanghai stock exchange this week, slid.

``Property developers seem to be showing initial signs of slowdown and the outlook isn't heartening,'' said Chen Shide, who manages the equivalent of $212 million at GF Fund Management Co. in Guangzhou. ``The decline in oil prices gives investors a reason to sell oil shares, such as PetroChina, which are already expensive.''

The CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, tumbled 256.96, or 4.8 percent, to 5,093.67, declining the most since July 5. It was the biggest fluctuation among markets included in global benchmarks. The measure has dropped 13 percent from its record close of 5,877.20 on Oct. 16.

Vanke, the nation's biggest listed property developer, slid 1.57 yuan, or 4.3 percent, to 34.93, the lowest since Oct. 25. Vanke sold property worth 5.16 billion yuan ($693 million) in October, 25 percent less than the previous month, it said in a statement.
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