Yet, five years later, Ya is close to losing everything. China’s economy slowed significantly last year as months of lockdowns and a debt crunch in the property sector hit businesses hard. And Ya, who designs advertising materials for new real estate projects for a living, has been directly impacted by the downturn.
onsdag 25. januar 2023
China’s Downturn Fuels a Worrying New Trend: a Surge in Foreclosures
When Ya bought an apartment in the central Chinese city of Zhengzhou in 2018, he thought it was the start of a bright new chapter. At 1.2 million yuan ($174,000), the 85-square-meter home was pricey by local standards. But Ya liked the location, and figured property prices were likely to keep rising. Plus, the 5,300 yuan monthly mortgage payments seemed affordable.
Yet, five years later, Ya is close to losing everything. China’s economy slowed significantly last year as months of lockdowns and a debt crunch in the property sector hit businesses hard. And Ya, who designs advertising materials for new real estate projects for a living, has been directly impacted by the downturn.
Yet, five years later, Ya is close to losing everything. China’s economy slowed significantly last year as months of lockdowns and a debt crunch in the property sector hit businesses hard. And Ya, who designs advertising materials for new real estate projects for a living, has been directly impacted by the downturn.
