China’s Latest Data Sound Alarm for Xi on Consumer Fragility
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Five years after China began a push to rein in the nation’s debt-addicted real-estate developers, its property market has yet to find the bottom.
Prices of new and existing homes have been falling more or less continuously since August 2021, with the decline accelerating last month when it comes to new units. Data this week also showed that year-to-date property investment contracted by the most since the initial Covid shock in 2020. Another bleak milestone this week: the one-time No. 1 developer, China Evergrande, is now set to be delisted from its exchange.