2022-11-25 10:01:19

China Is Finally Trying to Fix Its Housing Crisis

Logo The New York Times
The New York Times
By Keith Bradsher

After a year on the sidelines, Beijing this week took steps to get hundreds of billions of dollars into the hands of the countrys flailing real estate developers.

More than a year after one of Chinas biggest real estate developers began to collapse, trouble has rippled through cities across the country. Dozens of other developers have also missed debt payments, the sale of new homes has plunged and construction cranes have come to a standstill at many sites.

This week the Chinese government, which until now has stayed largely on the sidelines of the countrys housing crash, has taken its most forceful steps so far to try to minimize the damage from the turmoil that has enveloped China Evergrande Group, the worlds most heavily indebted developer, and many of its competitors.

Real estate development plays an outsize role in Chinas economy, representing about a quarter of economic output and a quarter of its bank loans. Housing represents at least three-fifths of household assets in China, and many Chinese regard apartments as the only reliable way to build wealth.

Continue read on nytimes.com

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