June property investment slows, but sales rebound

BEIJING -- China's real estate investment growth slowed sharply in the first half, dragging down the broad economy, but property sales swung into positive growth in June for the first time in eight months, boding well for a recovery in the sector which could ease concerns about a hard landing of the world's No 2 economy.

Real estate investment, which affects more than 40 other sectors from cement, steel to furniture, grew 16.6 percent in January-June of 2012, versus an annual rise of 32.9 percent in the same period last year, the National Bureau of Statistics said on Friday.

China's economy grew 7.6 percent in the second quarter from a year earlier, the slowest pace in three years, the NBS said.