Fall in land-sale revenue accelerates
China's land sales revenue fell at a faster pace in June, data showed on Wednesday, as cash-strapped developers remained cautious about buying land, adding to other recent data showing rapidly tapering momentum across the broader economy. Revenue from land sales last month fell just over 24 percent year-on-year, after dropping 13 percent the month before, according to Reuters calculations based on finance ministry data. For the January-June period, land sales revenue tumbled near 21 percent from a year earlier, highlighting the stress on China's economy on multiple fronts including weak demand at home and abroad, debt woes in the property market and high youth unemployment. China's property sector, which accounts for about a quarter of the economy, remains firmly in a downtrend, with property sales and investment recording double-digit falls. New home prices for June also stalled after making meagre gains in May. (Reuters)