China’s Big-City Homeowners Cash Out as Wealth Dream Fades

(Bloomberg) — Chinese homeowners are losing conviction in their decades-long belief that property is a reliable store of wealth, undermining even coveted markets like Shanghai and adding pressure on authorities to find new sources of economic growth.

Asking prices in the financial hub have slumped for three straight months, falling to the lowest level since before China emerged from Covid lockdowns at the end of last year, according to data compiled by Centaline Group.