China’s Real Estate Meltdown Is Battering Middle Class Wealth
- Households forced to rethink money priorities as assets fall
- Housing correction may hit 5 million jobs: Bloomberg Economics
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Stock investments: down 30%. Salary package: down 30%. Investment property: down 20%. As Thomas Zhou reflects on 2023, his household finances are front of mind.
“It’s just heart-breaking,” the 40-year-old financial worker from Shanghai said. “The only thing that still keeps me going is the thought of keeping my job so I can support my big family.”