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China’s real estate sector goes south
Chinese real estate developers are desperate to recover from the prolonged lockdowns driven by China’s zero-COVID-19 policy. But the slowdown in home sales is also related to the collapse of household confidence in the country’s real estate market. The mortgage boycott in China is a direct consequence of the bankruptcies of an increasing number of developers. In 2021, real estate giant Evergrande left behind 1.3 million incomplete housing units for which Chinese households had already used their savings to make large down payments. Some Chinese households have stopped servicing their mortgages for homes that ... (full story)