China's Sept property sales drop for first time in over 21/2 years

Beijing

PROPERTY sales in China dropped for the first time in more than 2½ years in September and housing starts slowed sharply, reinforcing expectations that robust growth in the world's second-largest economy is starting to cool.

Real estate, which directly affects 40 other business sectors in China, is a crucial driver for the economy but also poses a major risk as Beijing looks to tame soaring home prices without triggering a crash or a sharp drop in construction activity.