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By 2014, Chinese builders have added 100 billion square feet of housing space in China, equating to 74 square feet per person. Construction of urban housing was a major undertaking. The country has shown a major shift in allocating funds and resources to housing their people, building over 5.5 million apartments between the years of 2003 and ...
However, the report detailed widespread resistance within the Chinese Communist Party (CCP), leading to an alternative proposal to provide state-owned housing. [27] [28] On 23 October, a five-year trial of the proposed tax was announced for select regions with high real estate prices, most likely Shenzhen, Hangzhou and Hainan. [29]
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 ...
An empty corridor in the mostly vacant New South China Mall. The 2005 Chinese property bubble was a real estate bubble in residential and commercial real estate in China. The New York Times reported that the bubble started to deflate in 2011, [1] while observing increased complaints that members of the middle class were unable to afford homes in large cities. [2]
The Chinese property bubble was a real estate bubble in residential and/or commercial real estate in China. The phenomenon has seen average housing prices in the country triple from 2005 to 2009, possibly driven by both government policies and Chinese cultural attitudes. [11]
Media outlets often label under-occupied development areas in China as "ghost cities" or "ghost towns". [9] [10] However, the two terms are technically misnomers since these terms describe places that previously had economic activity but have since become defunct and abandoned, while many under-occupied developments in China are new installations that have yet to receive residential occupation.
Chinese property law has existed in various forms for centuries. After the Chinese Communist Revolution in 1949, most land is owned by collectivities or by the state [ citation needed ] ; the Property Law of the People's Republic of China passed in 2007 codified property rights.
The Ministry of Housing and Urban-Rural Development is a ministry of the People's Republic of China which provides housing and regulates the state construction activities in mainland China. It was formerly known as the Ministry of Construction ( Chinese : 建设部 ; pinyin : Jiànshèbù ).