Chinese Property Crisis
About Chinese Property Crisis
A crisis in the Chinese real estate sector starting in 2021. Evergrande, Chinas second largest property developer, defaulted on over 300 billion in debt. The crisis spread to other developers including Country Garden. Chinas property market had been a key growth driver for decades. Property constitutes about 30 percent of Chinese GDP. New home sales fell 40 percent. Local governments lost land sale revenue. Hundreds of thousands of homebuyers who had paid for unfinished apartments were left in limbo. The crisis contributed to slower Chinese growth and a deflationary threat to the global economy.
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