(MENAFN) Official data showed that China's land area used in real estate development dropped sharply in 2014 as the property sector hit a rough patch, Xinhua reported.
New home construction used 151,000 hectares of land in 2014, plummeting 25.5 percent over a year earlier, the Chinese Ministry of Land and Resources said in its data publishing.
A major contributor to China's economic expansion, the property market has been affected by weak demand and an excess of unsold homes, as the GDP growth fell to a 24-year low in 2014.
The real estate market continued its downward trend with new home prices in January registering month-on-month declines in most cities surveyed, the ministry's data showed.
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