China grapples with housing crisis as world watches on
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Published 2024-07-19
The world's second-largest economy faces a number of headwinds, including lower growth rates and high youth unemployment.
One of the biggest issues China faces is fixing its embattled real estate sector.
Properties lie empty, and many homeowners have lost their life savings after the country's biggest housing developer, Evergrande, collapsed.
Sky's Asia correspondent Nicole Johnston travelled to China's 'rust belt' in the north-east of the country to witness the scale of the crisis.
#china #evergrande #realestate
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All Comments (21)
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Meanwhile, America is grappling with homelessness by the tens of millions. Europe has a migrant crisis while China is being plagued with excess in housing.
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So which is worse? Thousands of empty properties or thousands of people without homes like in the UK?
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80 million empty homes, invite people from abroad to come live
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It's also going to have a demographic collapse, so there will be less demand for a huge supply. The Chinese who invested in Canada however are very happy and rich! No wonder there is an increasing escape from China from those who can.
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90% of China own their own home. While only 50% of UK do. China is far ahead.
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Well at least they have housing unlike the UK
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Changchun is in the North which used to be the base of heavy industries but has never taken off after the opening up as the Southern provinces. Therefore, real estate projects there have not been not sold well and are hit the hardest when real estate crisis came last year.
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Thanks sky for telling people your story. But who to judge?
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So if China has built houses and they are empty,in the UK and the EU including the US, people are sleeping rough on the streets, so nothing to preach about.
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0:48 the fact sky news calls it a “Propery Crisis” just ended me!
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Every country has Housing Crisis, here in the UK most people who rent claim Housing Benefit, which is a payment given to both renters in local government housing and private.The Housing benefit takes a huge chunk of the government Income.
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They're homeless in their own home.
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Why they can’t show the reality, this happens in any country… People have to be silent!?
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Mean while in us milions of people living in streets.
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How do they have homeless when they have cities with no one in them?
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Country Garden says hold my beer 🍺
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And the uk can barely build a 100th of the houses we need every year…. The financial and economic systems are definitely failing somewhere
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Unreal how the media think putting this in our faces will detract how messed up we know our country is lol
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No they cannot.
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The taxpayers in the UK have to pay the rent for their best mates that come by boats. 😢
