Housing prices plummet and mortgage payments are cut off, with serious consequences.

#chinainsights

Exactly how far have China's housing prices fallen? On July 7, 2024, a netizen on the x platform posted: 95 cities in China are already like the city of Hegang. Now, with a few thousand to twenty thousand dollars, although you can't buy a BYD electric car after a price reduction, you can buy a house! Attached below the post is a "list of cities with very low prices for buying a house." As you can see from the picture, many provinces and cities in China, such as Liaoning, Jilin, Heilongjiang, Inner Mongolia, Xinjiang, Gansu, Ningxia, 、 Hebei, Shandong, and Guangdong are all listed.

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[zzdloverzz]

It's still expensive. Their income doesn't seem to match up with the home price.

[roxstix]

1. Still way overpriced for current situation. 2. I don't trust the construction quality. One medium sized earth quake will topple these tofu buildings.

[DiscoveryMarket]

6:50 - Below market value?
LOL HAHAHAHA
If you are trying to sell them at those prices and no one is buying them, then the actual market value is less. So don't say they are below market value ... they are actually above the market value.

[Nick-gjje]

I’ve been watching this channel for years and you guys have done a great job reporting on China. The language barrier (and CCP) really prevents much news from getting to America, so I appreciate all the work you guys all do!!

Chinas economy is an enigma and these reports I’ve noticed over time hold up well.

[magekiller]

This is what happens when you speculate on a market so hard and for so long, the bubble grows so big that when it explodes it takes the whole country down. I know I don't agree with Chinese Winnie The Pooh on a nearly infinite number of things but on one specific thing we are on the same page: Homes are indeed for living.

[mrxiong]

Wow, the cost per square meter is still outrageously expensive! Price reduced now $8, 000 per square meter = $744 per square feet. How did it ever get to this point?

[mrxiong]

Nice reset. We need this in the West as well.

[TheBigExclusive]

Ideally, houses should be for providing shelter to people and families. Not "investments" that endlessly gain value and you can sell off profit.

It doesn't even make sense long term. Eventually houses will become so expensive that's there's no one left to sell them to. Then the market crashes.

[Mexicanb]

well... when you make homes for 1billion people
but most of them already had homes
and they are not having kids
what do you expect?

also, they deserving it for "betting" on house prices always going up, instead of living on those homes, they just hoarded them like some kind of vulture

cannot wait for it to happen all over the world
AGAIN!

[srjable]

Who wants to live in hegang…. It’s in the middle of nowhere, there is nothing there…

[moneyall]

Houses should only be a place to live in not a form of way to gain wealth.

[TheBigExclusive]

How come every video I see about modern Ch1na is always about money or people suffering?

[battlebotts]

Bad construction, no garage. Good luck. Would never buy one

[eile]

it's actually still very expensive. it needs to drop another 50%.

[samanthajones]

This is good news, with lower prices people can afford homes again.

[mrxiong]

Wow, the cost per square meter is still outrageously expensive!

[marksluimers]

6:57 If all the houses are '20% under the market price' than that IS the market price. I understand this is tricky for Communists.

[borninhk]

Once it falls to $50, 000 USD for a 100 square metre apartment in Shenzhen, I will buy one!

[darthsiddious]

Unlike the West, those that default have little ability to declare bankruptcy from what I have read. Personal bankruptcy exists in Shenzen and Hong Kong but not the rest of China for some reason.

[JAM]

Well even now there prices are pretty high compare to USA cost and compare what they make in income. These are basically condos and they do not own them. They have a lease on them. In China making $1000.00 is a good salary. Now people are lucky to make $300.00. The bovernment should just tell people to pay what they can at this point because now everyone is homeless and you have tons of empty homes no one will buy. The government is doing nothing. Maybe the government will just take over all the building and start assigning people to home like Korea. This is a way to make everyone poor so they can control people even more. These housing prices are still insane.