HONG KONG/BEIJING—After two years of hunting, Volar Yip has put his dream of buying a new home in China’s southeastern city of Foshan on ice, anxious about making a major financial commitment amid a significant economic slowdown in the country.
The 32-year-old owns a media studio and many of his clients are now cutting advertising budgets.
“The more I read the news, the more concerned I got,” Yip told Reuters. “All this news about China—the economy, property market, and pandemic. Not much was positive.”
His decision to hold back on a house purchase, which would have moved him closer to his daughter’s school, comes even as banks cut mortgage rates….