Chinese factory activity shrank and home sales tumbled in August, as the world’s second-largest economy struggled to shake off the impact from Covid-19 flare-ups, its worst heat wave in six decades and a deepening real-estate downturn.
As the heat wave led to electricity shortages and production disruptions, manufacturing activity shrank for a second consecutive month, China’s National Bureau of Statistics said Wednesday. Home sales also continued to slide in July, despite efforts by the government to lower purchase barriers and help developers complete projects, according to a Chinese real-estate data provider.