China‘s property market, a key pillar of the world’s second-largest economy, has weakened sharply in the past year as a result of a government clampdown on excessive borrowings by developers, and a COVID-19-induced economic slowdown.
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 government enforces strict COVID curbs in dozens of cities, weighing on consumer confidence.
