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In China, over the past year, payment defaults have multiplied in real estate. Sales are falling. The world’s second largest economy seems to be paying the price for its zero covid policy.
The crisis never ends. All over China, buildings are unfinished and construction has come to a halt. In the country, new apartments are most often sold off plan and when a developer does not finish the work, buyers generally have no possible recourse. To Xi’an (central China)indebted owners, who bought five years ago, have decided to invest in a building, even if the scaffolding is still there and the apartments are not finished.
A hundred people thus live on the concrete. There are no toilets, running water and electricity. The solar panels installed by the inhabitants do not always work. They can’t take it anymore and aren’t the only ones. Today, in China, 45% of buyers have not received the keys to their apartment, because around thirty real estate developers are in debt and have stopped their construction sites.