China Housing Slump to Continue Into 2025, Says Ex-PBOC Official
- Home sales will fall further this year and next, Sheng says
- Green shoots emerged in November and December, he adds
New residential housing in Xiongan, China.
Source: Bloomberg
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China’s property downturn may continue for two more years before gaining stability, according to a former central bank official.
New-home sales nationwide will likely shrink by another 50 million square meters both this year and next year, with 2025’s annual total plateauing at around 850 million square meters, Sheng Songcheng, a former director of the People’s Bank of China’s statistics and analysis department, said at a forum in Shanghai on Saturday. The battered industry will stop being a drag on investment and economic growth after that, he added.