BEIJING : China's land sales revenue slumped from a year earlier, official data for January-February showed on Friday, pointing to continued weakness in the country's huge property market, a major economic growth driver.
China's property sector has slumped for months as Beijing's campaign to reduce high debt levels triggered a liquidity crisis at some major property developers, resulting in bond defaults and projects being shelved or left unfinished. The looser regulations have yet to drive a nationwide rebound. New home prices stalled in February after eking out a small gain a month earlier, official data on Wednesday showed.
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