China's property market is shrinking at a faster pace, dragging further on the economy

• Sales of Chinese property fell 28.1% in June from a year ago, deeper than May's 19.7% decline.
• Property investment fell 7.9% in the year's first half, also marking a faster drop.
• The sector, accounting for a fifth of China's GDP, contributed to disappointing growth in the second quarter.

The Chinese property sector is contracting at a faster pace, representing a bigger drag on the world's second-largest economy.

Property sales by floor area fell 28.1% in June from a year ago, marking the largest drop of the year and deepening from May's 19.7% decline, according to official data compiled by Reuters.