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China’s Property Sector Contracts for Third Straight Quarter

  • Real estate output fell 2% in January-to-March from a year ago
  • Hotel and catering slumped 0.3% as consumer spending suffered
Updated on

China’s property sector contracted for a third straight quarter, a sign that real estate was still dragging on the economy, even before the recent Covid outbreaks and lockdowns began to escalate. 

Output in the real-estate industry, a key economic contributor, contracted 2% in the first quarter from a year ago, China’s National Bureau of Statistics said in a report Tuesday. It was the steepest drop among all sectors, according to the bureau’s detailed breakdown of economic activity from January to March.