Crisis inmobiliaria de China infographic
El gráfico muestra los cambios mes a mes en los precios de casas nuevas en China.


La profundización de la crisis inmobiliaria de China afecta a la clase media

By Ninian Carter

December 18, 2023 - Alguna vez pilar central de la economía China, el valor de los bienes raícesestá cayendo después de la implementación de la política de “prosperidad común” del presidente Xi Jinping, dirigida a hacer más asequible la vivienda.

China’s privatisation of property in the 1990s led entrepreneurs to borrow heavily from banks to invest in real estate.

The subsequent boom invigorated local governments, investors and China’s middle class as real estate grew to become a central pillar of China’s economy – worth about $52 trillion in 2019.

In 2021, as part of President Xi Jinping’s “common prosperity” drive, China cracked down on the boom to reduce risk and make homes more affordable.

However, Beijing may have gone too far, with property developers such as County Garden Holdings on the verge of collapse, and fears growing of the contagion spreading to the nation’s financial system.

China’s housing sector value may fall to around 16% of GDP by 2026 from a high around 25% in 2019 – putting about 5 million people at risk of reduced incomes or even unemployment.

PUBLISHED: 18/12/2023; STORY: Graphic News; PICTURES: Getty Images