Empty Homes and Protests: China’s Property Market Strains the World
For Hu Peiliang, Jurong was a city of cranes, concrete and opportunity. He was so sure it was on the cusp of a boom that last year he moved his family there. On an overcast day last month, Mr. Hu, a 31-year-old real estate agent, pointed to one new building after another as evidence. New city blocks have been built, crosswalks and streetlights erected overnight. One development straddling several blocks called Yudong International will include 120 buildings when completed. But who will buy all those apartments? Mr. Hu paused before answering. “I was wondering that myself,” he said. Since July, he has sold only a handful.