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Property investment in China slid nearly 8% in the first half of the year, official data showed Monday, marking a deepening decline for a sector that accounts for up to a quarter of the world’s second-largest economy.
The National Bureau of Statistics said the sector will gradually stabilize as the broader economy recovers, and is shifting from high-speed development to stable development in the medium to long term.
The country’s property sector is struggling to emerge from a credit crisis after the government cracked down on its debt levels in August 2020. Years of exuberant growth has led to the construction of ghost towns where supply outstrip demand, as developers look to capitalize on…
Source cnbc.com
