Beijing
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After having long been one of the locomotives of the Chinese economy, real estate is now struggling, weighing on growth in the third quarter.
A pillar of the “Chinese economic miracle”, the sector as a whole represents nearly 30% of GDP and 10% of employment.
During the past two decades, massive construction programs have sprung up across the country, driven by rampant urbanization, the emergence of a middle class and above all by easier access to credit.
See also
On the verge of bankruptcy, the real estate giant Evergrande suspends its listing in Hong Kong
With real estate prices multiplied by six in fifteen years, the sector has become a real El Dorado.
Chinese households are not mistaken: more than 75% of their wealth is devoted to real estate.
Other side of the coin: prices have become inaccessible in large cities.
"
Housing is made to live there, not to speculate,
" insists President Xi Jinping, well aware of the dangers of a white-hot market.
Yes
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