China Had a Plan to Rescue Its Housing Market. It’s Not Working.

12/17/24 • 14 min

China’s property crisis has become a massive headache for the world’s second-largest economy. Tens of millions of newly built apartments lie vacant, home prices have tumbled and cash-strapped developers are struggling to finish construction.

On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Lulu Chen about what China is doing to try and solve its housing crisis. We go to Zhengzhou, home to the world’s biggest iPhone factory and the city where the housing market first imploded. It's now become a testing ground for government efforts to revive the ailing property sector. We look at whether they’re working, and what it will mean for China’s economy if the big push fails.

Further listening: What Comes Next in China’s Property Crisis

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Further listening: What Comes Next in China’s Property Crisis

See omnystudio.com/listener for privacy information.

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Big Take - China Had a Plan to Rescue Its Housing Market. It’s Not Working.

Transcript

Speaker 100:00:03.080

Bloomberg Audio Studios, podcasts, radio news. It's been more than three years since China Evergrand Group collapsed and sent a shockwave through the country's property market. EVERGN shares down about thirty percent this week alone. That's, of course, the stock that's lost more than ninety percent of its value since the peak.

Speaker 200:00:24.440

The authorities are trying to ring fence this situation at Evergram