Average people have witnessed their net worth soar as home values trebled. Local governments have filled their coffers by selling vast tracts of land to developers.
An astonishing 70% of Chinese household wealth is now tied up in real estate.
To undermine trust in this model is to shake the foundations of China’s growth miracle.
The Economist 12 Septenber 2022
China Evergrande has pledged to resume construction of all remaining stalled property projects by the end of this month,
as the world’s most indebted developer works to pacify a nationwide mortgage boycott.
FT 13 September 2022