China’s real-estate bust deepens as housing prices fall for the 11th month. The real estate market, which propelled China’s rapid growth ever since the 2008 financial crisis, is amid a housing bust that has now recorded its 11th straight month of price declines.
New home prices in 70 cities, excluding state-subsidized housing, declined again in June, the 11th month of decline.
China has for years preferred that its citizens invest in their own four walls rather than the country’s often volatile stock markets in Shanghai and tech hub Shenzhen.
According to Bloomberg, the sector has seen at least $90 billion wiped off its stocks and bonds since the year began due to the crisis.
Many Chinese refuse to pay the mortgage of houses that are not complete or may never be built. President Xi has not changed his zero-COVID policy, imposing lockdowns that keep the economy from returning to its prior boom.
On Sunday, Hong Kong daily South China Morning Post, which belongs to Chinese e-commerce giant Alibaba, warned that 50 million vacant apartments could flood the market, calling it a “ticking time bomb.”
Proverbs 14:34 Righteousness exalteth a nation: but sin is a reproach to any people.
Psalms 9:17 “The wicked shall be turned into hell, and all the nations that forget God.”
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