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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.
China's blue-chip CSI 300 index rose 2% and the yuan firmed following the report. The property sector has been in a deep slump for years hit by a debt crisis among developers.
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 ...
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 ...
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.
Fitch currently ranks China as A+, meaning it considers Chinese debt to be of “high credit quality.” The country has held that status since 2007, making it one of Fitch’s “most stable ...
Ni Hong, China's minister of housing and urban-rural development. In response to the property crisis, in March 2024, China's minister of housing and urban-rural development Ni Hong said at a press conference that real estate developers must go bankrupt if necessary "in accordance with the law or market principles." [110]
One of the largest Chinese real estate companies, Country Garden defaulted on $11 billion in offshore bonds in 2023 and said earlier this month that its debt restructuring proposal would reduce ...