Property, a mainstay of China’s economy, is in deep trouble. Tougher banking regulations, a slowing economy and massive over-supply are pushing developers to the brink.
Tom Zhang and his fiancee have been saving for years to buy an apartment on Shanghai’s outskirts.
Confidence in China’s property market has been eroded by years of COVID-19 restrictions, rising unemployment and debt-strapped developers failing to complete housing projects, leaving investors out of pocket. In some extreme cases, homeowners have been forced toZhang’s story is similar to that of many young Australians struggling to buy property.
“The client believes it is safer to save money in the bank than invest in the property market. To be honest with you, investing in real estate has many uncertainties at the moment,” Guo says. , as the government pledged to support the sector and make it easier for households to buy investment property.
“China’s property sector has entered its longest downtrend in the past two decades and the worst may not be over,” ANZ senior economist Betty Wang says. Economists also note that efforts by smaller tier three and four cities, which make up 77 per cent of volumes, have already been cutting down payment ratios for second-time home buyers for some time, but those policies have not yet revived demand.said in a recent investigation that the crisis was spreading to state-owned property developers which had previously been insulated by the government’s deep pockets.
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