Property sales, investment fall at doubledigit pace
Property slowdown remains drag on economic growth

BEIJING, Oct 18 Reuters China39;s property sales and investment posted doubledigit declines as efforts to support big cities failed to bolster confidence in an industry struggling to emerged from crisis, although the pace of contraction slowed.

Property sales by floor area fell 19.77 yearonyear, narrowing from a 23.95 fall in August, according to Reuters calculations based on data released on Wednesday by the National Bureau of Statistics NBS.

In September, home sales were 64.73 million square metres lower than in September 2019, the highest in three months, showing a deepening sector correction disrupted by COVID19 and a government crackdown on debt.

The property sector is struggling to regain its footing, with piecemeal support measures providing just a shortlived boost in tierone cities, while the rest of the country grapples with an oversupply of homes and low confidence.

The data comes just hours ahead of a deadline for Country Garden Holdings, China39;s biggest private property developer, to make a coupon payment to its bond investors or risk defaulting on its 11 billion in overseas debt, which would deepen the country39;s real estate crisis.

Separate data on Wednesday showed China39;s economy grew at a fasterthanexpected clip in the third quarter, while domestic consumption also picked up pace last month, suggesting the recent recovery may carry enough…