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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 2014 in China's cities. These construction projects assigned by the state influence the construction job market in China as well.
By the end of 2015, Lianjia had handled 700 billion yuan worth of real-estate transactions in total. In Beijing, it occupied 55-60% real-estate brokerage market. As of 2019, Lianjia had 51 subsidiaries, all related to the real-estate services, such as long-term rental apartment development, real-estate financing or decoration.
Rent-setting [2] (also spelled as rent setting; [3] simplified Chinese: 设租; traditional Chinese: 設租), also known as rent-creating, [4] refers to the act of governments or bureaucrats using their power to intervene in the market, resulting in the formation of new economic rents and creating rent-seeking opportunities for certain market entities. [5]
Many siheyuan are being torn down to address the problem of overcrowding, and have been replaced by modern apartment blocks. [ 3 ] Beijing's Xicheng District with the Gulou and Zhonglou bell and drum towers viewed from a distance; this area is known for its concentration of historic siheyuans (courtyard houses).
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Indicative of its clientele, the road signage was often exclusively written in Chinese while the few schools that opened only taught Mandarin. [38] In 2020, the COVID-19 pandemic led to increasing economic uncertainty and travel restrictions, severely affecting sales which dropped by more than 90% after March 2020. [36]
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