Caixin
Jan 03, 2023 08:28 PM
BUSINESS

Year in Review: China’s Property Market at a Turning Point

The skyline of tech hub Shenzhen on Aug. 12. Photo: VCG
The skyline of tech hub Shenzhen on Aug. 12. Photo: VCG

For 20 years, the real estate sector was a major driver of China’s economic growth. But in 2022 it became a drag amid an unprecedented crisis in credit, confidence and liquidity.

In the first three quarters, the industry took an estimated 0.39 percentage points off GDP growth, compared with an average annual contribution of 0.48 percentage points over the past 10 years, according to data from iFinD, a financial information provider.

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