China property: Beijing's stimulus plan needs more time, money and policy support to resolve long-standing housing crisis scmp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scmp.com Daily Mail and Mail on Sunday newspapers.
Lianjia has teamed up with coffee chain operator Manner to open a cafe in one of its outlets in Shanghai, launching a crossover marketing campaign to drive transactions amid lack of homebuying interest.
Transactions involving lived-in homes in Shanghai shot up in March as owners offered discounts to bargain hunters, but the outlook for the city’s housing market remains cloudy due to concerns about a bleak economy.
China’s housing market is still plagued by excess supply of used homes as desperate owners look to cash out amid an economic gloom. Prices may need to drop further, with buyers waiting for bigger discounts, analysts say.
China’s retail sales are expected to climb 5.5 per cent in 2024, one percentage point lower than the estimated 6.5 per cent in 2023, as consumers rein in their spending, according to the Swiss bank.