China property sector still reeling despite easing of some 2020 curbs

Since the start of the Russian invasion of Ukraine, almost US$8 billion has flowed out of Chinese equities, around one-third of the total for emerging markets, said Jesse Rogers at Moody’s Analytics.

Angela Tan

Published Tue, May 10, 2022 · 11:24 AM

China property

CHINA’S property sector - which accounts for around a quarter of the economy - continues to reel as Beijing struggles to balance the taming of heavily-indebted property developers and its strict zero-Covid policy which is restricting travel in its 2 largest cities.

Shanghai, China’s largest city with about 28 million people, has been locked down since March 28, while the capital city of Beijing, with a population of 21 million, began tightening restrictions at the end of April.

New-home sales in 23 major cities tracked by China Real Estate Information Corp fell 33 per cent by area over the crucial 5-day Labour Day break compared with a year earlier.