BRICS, RICS, DICKS
“Desperate Chinese Property Developers Resort to Bizarre Marketing Tactics”
“China’s real-estate crisis has dragged down the economy, caused massive layoffs and pushed multibillion-dollar companies to the point of collapse.
Economists think it is about to get worse.
Sales of newly built homes in China fell 6% last year, returning to a level not seen since 2016, according to China’s statistics bureau. Secondhand home prices in its four wealthiest cities—Beijing, Shanghai, Guangzhou and Shenzhen—declined by between 11% and 14% in December from the year before, according to the broker Centaline Property.”
Peak China.
The future is AMERICAs!
“Liu Yuan, head of property research at Centaline, said that without the government’s help, new-home prices will need to drop by another 50% from current levels before they reach a bottom. This is based on the assumption that the tipping point will only come when it is cheaper to buy than to rent houses, Liu said. “
Chinese real estate market makes up around 30% of their GDP. Any crash is a real big deal for them and the rest of the world. By comparison, the US real estate market makes up only 7% of the US GDP
See here for other Chinese Economic woes:
China Observer
https://www.youtube.com/@ChinaObserver0/videos