China suffering from housing crisis

The housing industry has been a large driver of China's economic growth, but strict COVID measures put in place have seen a drop off in confidence, leaving many projects unfinished.


#skynews #china #housingcrisis

[hersdera]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[chasetonga]

There are entire ghost cities. Just empty housing with no one occupying it. Also, those construction companies do really shoddy work. Buildings start falling apart in less than ten years.

[aaap]

factories are now empty too, many have moved overseas to Vietnam, Indonesia, India, Bangladesh including Apple, Samsung, Nike, Adidas, Sony, and 1000 of the largest international companies that were in China. 3 years of Covid restrictions and international trade wars with multiple nations.

[mikec]

They forgot to mention that these people are often already paying their mortgages! Before it's finished, and the developer used that money but still didn't develop the building. They're locked into paying and wanting to strike paying but politics is making the situation stupid.

[James_Bond_Fantasy]

This is my home province. Hearing the old lady talking about her suffering in the accent I shared made me feel sad. Thanks for reporting their suffering and let the world know.

[nzs]

I’m surprised that they allowed her to film all this without being censored.
So many news reporters are shadowed by security forces. How this escaped scrutiny, I do not know!

[davidpippin]

There is a vicious cycle ongoing in China where people with money invest and buy a flat in a future building, the developer takes that money and buys more land from the government instead of building the flats they sold, and the apartments do not get built or finished. It is crazy. Collapse is coming for sure

[onedegreewest]

This is when we are thankful UK has so many REGS for house building

[goldfingaable]

Meanwhile back in uk cost of living getting worse

[gd-news]

one the one hand houses are empty (sometimes even being destroyed!) and on the other, people wait to be able to move in - in houses that were paid but never build. imagine that. the world became ridiculous

[gnukkignukk]

It seems that there is also a shortage of jobs in China. Each time I see reports or documentaries about the Chinese housing crisis and they interview someone, they present themselves not with what their current occupation is, but what they are educated as or supposed to work with as if it was their trade and source of income.
My comment is in no way meant as an insult to those affected by this in China, just wanted to mention it and I hope their problems get solved soon.

[kincaidwolf]

And the UK doesn't have a housing crisis? Net immigration increased by 700, 000 last year. But only 200, 000 houses were built lol

[infinitepower]

This world wide property bubble is horrifying

[shuddupeyaface]

Vast swathes of Britain still live in the shadow of rapid industrial growth in Victorian times.
It doesn't bode well for these people unfortunately.

[khaledhemmaty]

And us us suffering from school shooting crisis.

[kwf]

I never would have imagined such a thing in China. This makes them (the government) look really, really bad. The government is supposed to look out for the health and welfare of the people.

[sofoclesconfucius]

We have huge housing crisis in the UK and yet we’re focusing on china housing crisis!!

[darnellboyd]

What about San Francisco housing crisis?

[VVVedic]

UK, USA is also facing housing crisis.

[lily_m]

Cannot understand why these people are still investing when so many projects crash and remain unfinished.