An update on China’s real estate meltdown.
The world’s second-largest economy failed to pick up steam this year after lifting COVID-19 rules and lockdowns.
With the real estate market taking one of the most direct hits.
According to China Real Estate Information Corp, the market values of property developers listed in Mainland China and Hong Kong have shrunk by nearly 28 percent this year.
About 30 percent of China’s GDP comes from real estate and other related sectors. It’s a much higher percentage than any other major economy.