China property sector's drag on economic growth in 2023 lower than 2022

The Chinese property sector's drag on economic growth will be significantly lower than 2022, and demand for genuine and improved housing is huge, which will effectively support the industry, Kang Yi, head of China's National Bureau of Statistics, said at a news briefing on Tuesday.

Property investment fell 10.0% in 2022, the first decline since records began in 1999, and property sales slumped the most since 1992, bureau data showed, suggesting that government support measures were having a minimal effect so far.

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