HONG KONG—China’s property market, a key pillar of the country’s economy, has weakened sharply in the past year as a result of the Chinese regime’s clampdown on excessive borrowings by developers, and a COVID-19-induced economic slowdown.
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So far this year, more than 100 cities have taken steps to boost home purchase demand via cuts in mortgage rates, smaller down-payments, and subsidies. However, the outlook remains bleak as the Chinese regime enforces strict COVID-19 curbs in dozens of cities, weighing on consumer confidence.
China’s property market problems are likely to worsen this year, with no growth in home prices seen for the full year, according to the latest Reuters poll….