Name: Chinese Real Estate Teeters, Empty Houses Pile Up
Uploaded: 2023-08-04T08:30:43.000Z
Description: A Chinese real estate ad promising a free second-floor add-on during home building if buyers decide to snap up a single-floor home.

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A Chinese real estate ad promising a free second-floor add-on during home building if buyers decide to snap up a single-floor home.

But the unheard-of bargain is still not enough to entice China's crumbling real estate market or combat low suburban salaries.

The property industry has supported around 30 percent of the nation's GDP in the last decade and became the driving force behind growth under leader Xi Jinping. But the once powerful demand for housing now burdens the Chinese economy. Highlighted by developers like Evergrande—now the world's most indebted real estate firm—after a near-collapse under Beijing's strict pandemic lockdown policy.

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