China's real-estate crisis has dragged down the economy, caused massive layoffs and pushed multibillion-dollar companies to the point of collapse.
Economists think it's about to get worse.
Sales of newly built homes in China fell 6% last year, returning to a level not seen since 2016, according to China's statistics bureau. Secondhand home prices in its four wealthiest cities-Beijing, Shanghai, Guangzhou and Shenzhen declined between 11% and 14% in December from the year before, according to the broby ker Centaline Property.
Developers are starting fewer projects. Homeowners are paying back their mortgages early and borrowing less.
Once-thriving property companies are stuck in protracted negotiations with foreign investors, following defaults on about $125 billion of overseas bonds between 2020 and late 2023, according to figures from S&P Global Ratings.
Chinese developers and local governments are so desperate to attract home buyers that some have resorted to bizarre marketing strategies.
Diese Geschichte stammt aus der January 24, 2024-Ausgabe von Mint Mumbai.
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Diese Geschichte stammt aus der January 24, 2024-Ausgabe von Mint Mumbai.
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