Beijing may have to take over control of property developers to contain the impact of the sector's downturn.
Potential homebuyers look at models of a residential project during a real estate fair in Shanghai, China. Credit: ChinaImages via Depositphotos
In the two decades since China’s State Council officially classified the real-estate sector as a “pillar industry,” the sector has undergone rapid development, propelling GDP growth and inspiring in millions of Chinese the dream of owning their own home. But the sector is now plagued by problems, from high prices to massive debts, and threatens to undermine growth at a time when China can ill afford it.
Though there is no private land ownership in China, households are eager t
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