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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.
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 ...
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 ...
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.
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.
China’s real estate market remains a drag and will put pressure on global growth. New home prices fell in September, a third straight month of decline, according to data released Thursday by the ...
Chinese barefoot doctor using acupuncture to treat a production brigade worker. After 1949, the Chinese healthcare system, in rural areas the first tier was made up of "barefoot doctors" working out of village medical centers. They provided preventive and primary-care services, with an average of two doctors per 1,000 people.