Caixin
Jan 16, 2023 09:16 PM
BUSINESS

Construction Resumed on One-Fifth of Stalled Housing Projects by Year End, Survey Finds

An under construction real estate project in Qiqihar, Heilongjiang, on Dec. 28. Photo: IC Photo
An under construction real estate project in Qiqihar, Heilongjiang, on Dec. 28. Photo: IC Photo

China launched multiple initiatives in 2022 to kick-start idling property developments and lift their developers from a funding drought, but at the end of the year only 21% of the country’s stalled projects had fully resumed construction, according to a recent survey.

The figure is a sign of the challenges that began with an industrywide credit crunch two years ago, and which continue to hinder debt-laden developers and local governments in 2023 as they attempt to restore confidence in the real estate market.

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