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Due to Evergrande’s debt problems, among other things, the Chinese real estate market has been under pressure for some time. Beijing has now taken several measures to revive this sector. Li Daokui, former advisor to the People’s Bank of China, talks about the real estate market moving in two directions.
Why is this important?
China is facing a real estate crisis. Evergrande, formerly No. 1 in the real estate market, is facing financial difficulties. China’s much-discussed overconfident building boom is now mainly characterized by “ghost towns.” The problems in Evergrande are now spreading like wildfire across the entire sector.In the news: Beijing has already taken several measures this year to support the Chinese economy and real estate market. Lee expects the government to make more efforts.
Quoted: “Despite the measures taken, I do not think that the Chinese real estate market will recover quickly,” he said in an interview with the American news site. CNBC. “Many meetings, discussions and deliberations have already taken place behind the scenes. Markets see very little of this.
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