China's property sector is expected to grapple with 'persistent weakness' for years, Goldman Sachs analysts said, adding that its problems would continue to drag on the country's economic growth.
Homebuyer Ms. Xu, who stays in her unfinished apartment, pushes a cart of water bottles at a residential complex developed by Jiadengbao Real Estate in Guilin, Guangxi Zhuang Autonomous Region, China, in this screen grab taken from a video footage September 17, 2022. via REUTERS TV
Weaknesses are particularly pronounced in lower-tier cities and private developer financing, they said in a client note, adding that policymakers, who have vowed not to use the sector as a short-term lever to spur growth, seem keen for there to be less economic and fiscal reliance on the industry. China's property sector has over the past two years been thrust into a severe debt crisis - initially triggered by government moves to rein in ballooning debt - with many developers defaulting on payments as they struggle to sell apartments and raise funds.
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