For years now, property prices in China have been sky-rocketing. Average prices have gone up ten times from a decade ago. Some people have made their fortunes on the back of rising real-estate but that’s left many others having to shell out their life savings — and more — to get on the housing ladder. Now, it looks like the long-talked about housing slowdown may be starting good news for buyers, but a potential economic disaster, according to experts, IF the slowdown isn’t managed well. CCTV’s Han Peng takes a look.
If you think China’s economic growth has been strong, that’s nothing compared to its housing market. Real estate has literally been roaring ahead in the last decade. But behind the construction and equity boom, millions are now struggling to pay for a decent place to live.
A potential economic disaster, versus painstaking personal struggles it’s going to be a tough balancing act for government economists. China is the world’s second largest economy. But some say it cannot be a strong nation, if basic living needs remain a problem for so many citizens.