The unexpected move by Guangzhou, China’s third largest city, to restrict car purchases by putting a cap on vehicle registrations, led to a selloff in auto stocks on Tuesday, with shares of Dongfeng Group and Great Wall Motor falling 6.4 percent and 3 percent, respectively. 

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The unexpected move by Guangzhou, China’s third largest city, to restrict car purchases by putting a cap on vehicle registrations, led to a selloff in auto stocks on Tuesday, with shares of Dongfeng Group and Great Wall Motor falling 6.4 percent and 3 percent, respectively.

Guangzhou is the fourth city in China – after Beijing, Shanghai and Guiyang – to limit car sales in order to alleviate traffic conditions and pollution and analysts say the move is negative for the country’s auto sector, as it sets a precedent for other cities to implement similar

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