World
China's Property Slump Is in Its Fifth Year. The Stimulus Has Run Out of Room.
China's retail sales fell 0.6 percent year-over-year in May, the first contraction since the pandemic era. Fixed asset investment declined 4.1 percent in the first five months of the year. Real estate development investment fell 16.2 percent. China Vanke, one of the few major developers to have avoided default, posted a combined $2.2 billion quarterly loss.
