It's western MSM being intransigently retarded/alarmist. PRC RE was 15% of economy. Construction + downstream industries other 15%. The 15%+15% got added together for the 30% at some point for some reporting and became the number that gets regurgitated over time. In reality, RE got slapped by 3 Redlines (i.e. it was deliberate policy choice), it goes from 15%->12%. The other 15% of which a large but still subsect previously captured by RE got redirected elsewhere, i.e. massive renewable rollout. Net effect PRC now growing at 5% instead of 8% with speculative RE. Like 3% ain't nothing, it's "important". But it's "important" same way healthcare+downstream is 20% of US GDP and if a few % got shaved, it would be pretty bad for that sector but it's not end times for everything else, which is how these articles on PRC RE usually comes off.
duxup•5mo ago
That seems like an incredibly high amount.
toomuchtodo•5mo ago
Even China's 1.4 billion population can't fill all its vacant homes, former official says https://news.ycombinator.com/item?id=37633501 - September 2023
maxglute•5mo ago