Asian stocks hit lows for this month as Beijing's moves to curb property speculation and the stronger yen continued to weigh on bourses.
The FTSE Asia-Pacific index yesterday repeated the previous day's 0.7 per cent decline to reach 227.31, its lowest close since November 30.
The Chinese government's decision to scrap a tax break on properties sold within five years came as official figures released yesterday showed house prices rose at their fastest pace in 16 months, enhancing fears of asset bubbles. China Vanke, the nation's biggest property developer by market value, fell 1 per cent to Rmb11.91 and Shanghai Industrial Development lost 1.3 per cent to Rmb16.40.
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