China Jan-Feb property sales post biggest fall in 3 years

Hong Kong

CHINA'S property sales in the first two months of 2015 dropped by the most in three years amid a glut of housing supply, and real estate investment growth eased.

Sales revenue dropped 15.8 per cent in the two-month period versus January-February last year, the worst drop since the 2012 fall of 20.9 per cent.The property sector accounts for some 15 per cent of China's economic output, with weak property sales highlighting the risks faced even to achieve the government's reduced 7 per cent growth target.