China property stocks tumble, Hong Kong's Foxconn surges on iPhone 4G rumor

In Asia today Japan's Nikkei 225 Index gained 2.5% to 10,108 and Hong Kong's Hang Seng Index rose 0.9% to 21,902. In China, the Shanghai Composite Index closed at 3,247 -- down 0.2%.

In China, property developers stocks fell on worries that the government will increase interest rates and tighten lending policies. The country's largest real estate companies suffered losses with both China Vanke (CVKEF) and Poly Real Estate sliding 1%. Gemdale, which builds residential tower buildings in cities including Shenzhen, Shanghai and Xi'an sank 0.8%. The company has also undertaken projects to develop entire European-style communities with names like Gemdale Green Town, which it describes as having "international-standard German-style buildings and beautiful landscape," situated in a resort area.