China Property Market Slumps on Developers’ Debt Crisis, Weak Buyer Sentiment

People walk next to residential buildings in the coal city of Hegang, Heilongjiang Province, China on Jan. 2, 2020. Ryan Woo/Reuters

HONG KONG—China’s property market, a key pillar of the country’s economy, has weakened sharply in the past year as a result of the Chinese regime’s clampdown on excessive borrowings by developers, and a COVID-19-induced economic slowdown.

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