Michael Pettis: China property sales decline remains significant in July - Traders Union
Michael Pettis: China property sales decline remains significant in July - Traders Union
Source: Traders Union
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DW NOTE
China's property market entered structural decline in 2021 and hasn't stopped falling. July sales data confirm the slump persists despite two years of official stimulus, developer bailouts, and local government purchase schemes. The sector accounts for roughly 25% of GDP — you can't reflate an economy when a quarter of it is contracting and household wealth is trapped in unfinished towers.