China’s property industry contracted again in the second quarter after a short-lived expansion in the previous three months, adding to the economy’s challenges.
The real estate sector declined 1.2% in the April-June period from a year ago, according to a breakdown of the gross domestic product data released by the National Bureau of Statistics on Tuesday. The drop reverses the first expansion in the sector since 2021 recorded in the first quarter.
The slump in the property market has weighed on China’s economic recovery, putting Beijing’s official growth target of around 5% at risk. GDP figures released Monday showed growth lost momentum in the second quarter while deflation risks are mounting.
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