BEIJING—Persistent weakness last month in China’s property market and manufacturing sector, which combined account for half of the country’s gross domestic product (GDP), renews risks to its recovery already threatened by disruptions from widespread COVID curbs.
Nearly 70 Chinese cities reported declines in new home prices in August, the most since the start of the COVID-19 pandemic, according to the China Index Academy on Thursday, one of China’s largest independent real estate research firms.
Also on Thursday, a private sector survey showed China’s factory activity contracted for the first time in three months in August amid weakening demand, while power shortages and fresh COVID-19 flare-ups disrupted production….