China’s economy slows on worsening property market

Sentiment affected: Workers of a private delivery company sorting out parcels at a pickup point in Beijing. China’s retail sales growth weakened to 3.9%, missing economists’ forecasts of a 4.7% gain. — AP

BEIJING: China’s economy slowed further in November, dragged down by a worsening property market slump and disruptions from repeated Covid-19 outbreaks.

Growth in fixed-asset investment eased to 5.2% in the first 11 months of the year. Property investment grew 6% in the same period, slowing from 7.2% during the January-October period, as financing rules remained strict and home sales plunged.