China grapples with housing crisis as world watches on

This week saw the Chinese Communist Party hold its Third Plenum economic meeting.

The world's second-largest economy faces a number of headwinds, including lower growth rates and high youth unemployment.

One of the biggest issues China faces is fixing its embattled real estate sector.

Properties lie empty, and many homeowners have lost their life savings after the country's biggest housing developer, Evergrande, collapsed.

Sky's Asia correspondent Nicole Johnston travelled to China's 'rust belt' in the north-east of the country to witness the scale of the crisis.

#china #evergrande #realestate

[chinobandito]

Biggest waste of resources in human history. Imagine all the fuel, concrete, wood and various resources used on these projects..

[shmookins]

Getting into problems with the police for just complaining about being screwed over?
Sheesh...

[sibhuskyguy]

Rule number one. NEVER buy an apartment or home that isn't completed and able to be inspected.

[JC-dtrn]

Too much housing is a problem …. Not enough housing is a problem. What’s the common denominator ?

[huanghermann]

Changchun is in the North which used to be the base of heavy industries but has never taken off after the opening up as the Southern provinces. Therefore, real estate projects there have not been not sold well and are hit the hardest when real estate crisis came last year.

[lbloomr]

Meanwhile, America is grappling with homelessness by the tens of thousands. Europe has a migrant crisis while China is being plagued with excess in housing.

[JuliusFawcett]

80 million empty homes, invite people from abroad to come live

[chrysalis]

So which is worse? Thousands of empty properties or thousands of people without homes like in the UK?

[andybrown]

I imagine all the economic change happened too fast and authorities were too uneducated and unprepared for it

[glentanner]

Followed by police all day? Wow, that's just strange.

[ARYOUNGvideo]

Looks so polluted - probably why no one wants to live there. yuck!

[Jones]

NIMBY is a term that ain’t in the Chinese dictionary 😂

[Afghanistanseconomicforum]

Having excess of something is way better that sleeping on the skid row

I'm living in a house that's nearly 200 yrs old. I don't think they'll make 20.

[seandaniel]

Yea unimaginable having all that hard earn money lock in an estate that's uncomolete

[susanja]

Well at least they have housing unlike the UK

[kydgncx]

In 15 years all these homes will be filled and people will demand more homes to be built.

[lovenottheworld]

They're homeless in their own home.

[iFukuyama]

Yeah I wonder why people chose not to move into unfinished houses. Is that normal in Australia, Sky?

[sutats]

Reminded me of the Turkish Disney style homes.