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.
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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.
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