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In 2020, Chinese Communist Party (CCP) general secretary Xi Jinping's government started to tighten the real estate market based on the principle that "property is to be lived in, not to be speculated on." [6]: 161 He had previously made this statement during the 19th CCP Congress and it became the basis of the three red lines rule.
In 2022, real estate trust defaults totalled 93 billion yuan ($13.1 billion), up slightly from 91.7 billion yuan ($12.9 billion) in 2021, according to Chinese data provider Use Trust.
This situation is of concern because of the real estate market's importance After going on an aggressive building spree that sparked the Chinese economy, Reuters reports that new home prices fell ...
The real estate market began to develop in earnest after 1998. [6]: 64 As of 2010, China's real estate market is the largest in the world. [7] [8] According to Bloomberg Economics estimates, the sector contributed to about 20% of China's GDP in 2023, [9] down from a peak of 24% in 2018.
One of the key reasons for the Chinese mortgage boycott is a result of the previous high demand for housing. The rise of the middle-class in China since the early 2000s precipitated a substantial investment in property, with many channelling savings into real estate as given the widely-held perception of Chinese property as one of the most stable forms of investment, with house prices ...
Real estate contributes about 30% of China's GDP, making it the single biggest contributor to the world’s second-largest economy. That makes it the “most important single sector of the global ...
The new regulations affected Evergrande Group, China's second-largest property developer, and the Chinese real estate market as a whole. [5] In addition, the Chinese shadow banks, such as Sichuan Trust, have been greatly effected by the property sector crisis due to over lending and a crackdown on regulations. [6] [7]
HSBC warned Monday that China’s property market has “potential for a further deterioration” as it reported profits that fell short of expectations, partly because of a $500 million charge to ...