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The housing crisis in China caused output in the property sector to narrow by 2.9 percent in the final quarter of last year, accelerating from the 1.6 percent decline in the previous quarter.
This is the first back-to-back quarterly slump in the sector’s production, Bloomberg reported.
In addition, the country’s construction sector suffered from a 2.1 percent contraction, according to data from the National Bureau of Statistics.
When combined, these two sectors make up 13.8 percent of GDP output in 2021.
The Chinese government’s efforts to alleviate restrictions in the sector didn’t prevent developers from reporting lower sales, investments, land purchasing and financing activities.
According to calculations made by Bloomberg, property investment fell 14 percent in December from a year ago.