Nearly three-quarters of household wealth in China is now tied to property and the loss of confidence in the market could spill over to lower sales of cars and appliances, further hurting the economy
A visitor in the sales office for Evergrande Mansions in Dongguan, China on Sept. 28, 2021. China Evergrande Group’s financial troubles, and the government policies that helped push it to the brink of collapse, have threatened an important economic driver: home sales.
Image: Gilles Sabrié/The New York Times
China is trying to cool its costly and dangerously debt-ridden housing market, where high prices and go-go levels of borrowing and spending are increasingly seen as a national threat.
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