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Real estate crisis: Why the lifeline does not work

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By Jörn Petring

Published: August 25th, 2024,
Last updated: September 12th, 2024

Millions of apartments are still empty in China: Largely vacant neighborhood in Huainan, Jiangsu province.
Beijing provides billions for local state-owned companies to buy up properties and convert them into social housing. But very few are really happy with the plan.
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China has so far only distributed a fraction of its multi-billion fund intended to rescue the ailing property market. What was announced in May as an ambitious rescue program now proves to be a laborious undertaking.

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Real estate crisis