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In September 2023, He Keng, a former deputy head of the National Bureau of Statistics, said that unfinished and finished-but-vacant apartment projects in China could conceivably house the entire Chinese population of 1.4 billion. [2] On 29 January 2024, a Hong Kong court ordered Evergrande to be liquidated. [3]
The persistent weakness in the housing market is hobbling China’s economic recovery. ... The fund recently downgraded China’s growth forecast to 5% for 2023 and 4.2% for 2024, citing a deeper ...
China’s housing oversupply is far worse than previously reported, the country’s former statistics bureau deputy head says. ... September 25, 2023 at 1:41 PM. STRINGER/AFP/Getty Images.
Aside from housing, China's broader stimulus package struck JPMorgan as a positive surprise. The country has also pledged a major liquidity boost, and will seek to reduce interest rates and ...
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 ...
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 ...
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. [10] As of 2023, real property accounts for 60% of Chinese household assets. [6]: 161.
May 15, 2024 at 1:17 AM. (Reuters) -China is considering a plan for local governments nationwide to buy millions of unsold homes, Bloomberg News said on Wednesday, after a meeting of leaders of ...