The Financial Fallout from China’s Property Market
Unless Beijing takes some bold steps the real estate slump will continue to hinder the economy.
The Haihang Shoufu residential project under construction in Haikou, Hainan, October 31, 2018. Credit: DreamArchitect via Shutterstock
Over the past two decades, property and infrastructure investment have been essential to China's economic growth. With the end of the real estate boom, China’s land-driven development model is now unwinding. Property developers, banks, and local governments must all restructure their balance sheets in response to a slowing market. If the process is not managed carefully, it will act as a substantial drag on China's economy for years to come and could create financial instability.
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