Economics
China Property-Sales Drop Shows Risk of Hard Landing
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China’s 18 percent first-quarter drop in home sales contributed to the slowest economic expansion in almost three years, highlighting the challenge for leaders who want to curb property prices without sinking growth.
The value of homes sold declined to 709.9 billion yuan ($112.7 billion) from a year earlier, the National Bureau of Statistics said in Beijing yesterday. Gross domestic product in the world’s second-biggest economy expanded a below-forecast 8.1 percent from a year earlier, decelerating for a fifth quarter.