The country is going through an unprecedented real estate crisis
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Video length: 3 minutes
In China, construction sites have been suspended for several months, and dozens of buildings are incomplete. However, families have invested all their savings in these off-plan purchases.
Kunming, like most Chinese cities, is going through a real estate crisis. Construction sites have been stopped, and entire residences are unfinished. People had bought apartments in one of their towers. The promoter went bankrupt. Chen Yanchun, a freelancer, has been waiting for her 67 square meters for ten years, with 25,000 euros as a down payment, and 700 euros per month as compensation.
System D for fraudulent owners
The city council decided to make a building available free of charge to house 40 families in this situation. The owners of Al-Ghashayan raise chickens and grow vegetables there. Xia Min works for an insurance company. Xia Min and her husband invest all the savings in an 87 square meter space. But they live three in a room. To revive growth, the Chinese government wants to restructure the sector. The authorities are considering requiring developers to only offer ready-made homes for sale. “One of the pillars of the Chinese economy, the real estate sector is going through an unprecedented crisis. Trust has been broken, the Chinese are buying less and tens of thousands of owners will not see their apartments finished“summed up by journalist Arnaud Maiget.
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