China Business & Economy

China’s Housing Crisis: The Pain Will Persist Until Beijing Acts

China’s Housing Crisis: The Pain Will Persist Until Beijing Acts
A commercial housing community is seen under construction in Nanjing, Jiangsu Province, China, on April 15, 2022. Since March, banks in more than 100 cities across the country have voluntarily lowered mortgage interest rates due to weakening market demand. Costfoto/Future Publishing via Getty Images
Milton Ezrati
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News Analysis
China continues to suffer economic setbacks. The latest came with the news that housing sales in July plunged almost 30 percent from June. Optimists had taken heart when housing sales had picked up in May and June in response to eased COVID-19 lockdowns, but the most recent news has dashed hope for an easy recovery.
Milton Ezrati
Milton Ezrati
Author
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is "Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live."
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