As of the end of the second quarter, Chinese developers owed 33.5 trillion yuan ($5 trillion), or a third of the country's GDP, up more than two-fold from 2015, according to Nomura. The real estate market has continued to expand because investors, developers and home buyers have generally believed that the sector is too crucial to the economy for the government to allow any significant correction.Ĭhina's property sector is heavily reliant on credit and many developers are struggling under the weight of debt.
According to the Chinese central bank, 93.6% of urban households owned homes last year, one of the highest rates in the world. read moreĬhina has about 65 million empty homes, which is equivalent to the total number of households in France and the United Kingdom combined, due to a massive building boom and rampant speculation.īetting on sustained growth, a huge proportion of China's 1.4 billion people - some estimates say about 70% - have money tied up in residential property. The value of nationwide land sales slumped 17.5% in August from a year earlier, according to Reuters calculations using finance ministry data, the biggest slide since February 2020.
Property accounts for 40% of the assets owned by Chinese households, according to Macquarie, raising concerns that if the bubble bursts, consumers would feel less wealthy and turn more thrifty, which would hit other sectors of the economy. Land sales in China account for a third of their revenues, which stood at 27.3 trillion yuan ($4.3 trillion) in 2020, according to Japanese bank Nomura. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.The sector is the largest contributor to China's gross domestic product (GDP), accounting for more than a quarter when related industries are included, economists say.Ī vast ecosystem of suppliers and service providers has flourished around giant property developers and real estate has played a crucial role in creating jobs and generating cash for local governments. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.
#S and s property professional
The MLS® mark and associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. *All offices are independently owned and operated, except those offices identified as "Royal LePage Real Estate Services Ltd., Brokerage", "Royal LePage West Real Estate Services" and "Royal LePage Sussex". The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies the REALTOR.ca Data Distribution Facility (DDF®). The accuracy of information is not guaranteed and should be independently verified. DDF® references real estate listings held by brokerage firms other than Royal LePage and its franchisees. The property information on this website is derived from Royal LePage listings and the Canadian Real Estate Association's Data Distribution Facility (DDF®). © 2021 BRIDGEMARQ REAL ESTATE SERVICES MANAGER LIMITED
0 kommentar(er)
