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China’s Property Sector Contraction Worsens in Blow to Economy

China’s property sector shrank at a faster pace in the final three months of last year as the country’s housing slump continues to take its toll on the economy.

Output in the real-estate sector shrank 2.9% in the fourth quarter after a 1.6% contraction in the previous three months, the National Bureau of Statistics said Tuesday in a supplemental report on gross domestic product. That was the first consecutive quarterly decline since 2008.