China's move to cool down property market threatens growth plan

Chinese investors talk with agents of a global property investment company besides golden nest eggs at the International Property Expo in Beijing on April 11, 2014. Wealthy Chinese will pour AUD$44 billion (US$39.4 billion) into Australian real estate over the next seven years, potentially pushing prices in one of the world's most expensive housing markets even higher. Chinese property investors have been on a international spending spree since the global financial crisis hit most of the world's economies. AFP PHOTO/Mark RALSTON

BEIJING: China’s property market could threaten Beijing’s plan to manage a slowdown in growth, as evidence mounts of a rapid cooling in what had been one of the few strong spots in the world’s second largest economy.

So far, the economic story is going to script, with growth of 7.4% in the first quarter from a year earlier. While the slowest pace in 18 months, it was just ahead of market expectations and seemed to soothe fears of a sharp downturn.