At the peak of the US property boom, about $900 billion a year was being invested in residential real estate. In the 12 months ended June 2020, about $1.4 trillion was invested in Chinese housing
China Property Crisis: China s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China Evergrande Group defaulted on its debt obligations following a clampdown on new borrowing.
A former Chinese official has criticized the country s property market, stating that even with a population of 1.4 billion, there are still too many empty apartments. China s property sector has been struggling since 2021, when real estate giant China Evergrande defaulted on its debt. The National Bureau of Statistics reveals that as of August, there is a combined floor area of 648 million square meters of unsold homes.
China Evergrande Group: Evergrande on March 22 announced plans for the restructuring of its $22.7 billion in offshore debt. But since then, sales of the group has not been as expected by the company, it said.