The Asian Development Bank has cut its growth forecast for China due to concerns over the country’s zero-Covid approach and strict lockdowns, which put even more pressure on the real estate sector.

Gross domestic product growth for the world’s second largest economy is expected to be at 4% in 2022, down from an earlier estimate of 5%, ADB said in a report published Thursday.

China’s continued “adherence to a zero-covid strategy in response to renewed outbreaks early in 2022 has triggered the reimposition of strict lockdowns,” the bank said in its report.

“With many economies in the region increasingly choosing to live with the virus and reopening, economic activity continued to expand in the first half of 2022 — with the notable exception” of China, the bank added.

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