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Property grip bites China's building materials

(Xinhua)

13:55, November 04, 2012

BEIJING, Nov. 2 (Xinhua) -- China's building material sector slowed down sharply in the first nine months of this year due to the government's tightening of the property sector, according to the latest data from the country's top economic planner.

Cement output rose 6.7 percent year on year to 1.59 billion tonnes in the January-September period, compared with 18.1 percent recorded in the same period of 2011, according to a report by the National Development and Reform Commission (NDRC) on its website.

The output of flat glass fell 4 percent year on year to 5.38 billion weight boxes in the first nine months, plunging from a year-on-year increase of 17.9 percent last year, according to NDRC data.

A major consumer of cement and flat glass, the property sector is still subject to the government's tightest control measures in recent years, such as prohibition of buying third homes and higher down payment requirement.

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