CHINA’S GREAT PROPERTY BUST: GLOBAL ECONOMIC IMPLICATIONS
China has approximately 65 million empty homes—equal to about the number of households in France and the U.K., combined. As of the second quarter of 2021, Chinese property developers owe about $5 trillion, which equates to one-third of China’s GDP. And, some 70% of the Chinese population has money invested in residential property, accounting for 40% of all assets owned by Chinese households.
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