China's Property Slump Darkens Economic Outlook

China's real estate sector remains weak, with new home prices falling for 3 straight months. This will weigh on China's and global economic growth.

The property downturn is hurting China's economic recovery. GDP grew 4.9% in Q3, boosted mainly by consumer spending.

Property investment has plunged, indicating worsening investor sentiment. The sector accounts for up to 30% of China's economy.

The IMF downgraded China's 2023 growth forecast to 5%, citing the deepening property crisis. More action is needed to address developers' cash crunch.

Major developer Country Garden may default on its offshore debt, which could lead to restructuring. Its founder has denied fleeing China amid financial troubles.