The amount of land used for new property developments in China fell more than 25 per cent last year, reflecting sluggish demand that could exacerbate local governments’ debt burdens.
Citing data from the ministry of land and resources, the official Xinhua news agency reported that 151,000 hectares had been allocated for new real estate, down more than a quarter from 2013.
China’s property sector is a key contributor to overall investment, which accounts for about half of the country’s gross domestic product and feeds demand for commodities.
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