Homebuyers are tightening their belts as they see the value of their properties fall. Read more at straitstimes.com.
BEIJING – Mr Liu Baoxiang, who runs a mahjong parlour in a city on China’s rust belt, no longer splurges on extravagant fashion items after seeing the two flats he owns lose roughly a third of their value over the past two years.
Economists call it the wealth effect: Asset owners who feel poorer after a sharp fall in prices tend to cut down on spending to rebuild their fortunes. “Households appear to have cut back their consumption in response to negative wealth effects,” said Mr Julian Evans-Pritchard, head of China economics at the research firm. “Recent homebuyers with large mortgages will have suffered the most and therefore likely cut back the most.”Residents of smaller cities are feeling more pain than those living in big centres like Shanghai or Beijing, where home prices have been more stable.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Feeling poorer: Property slump hurting Chinese consumers, clouds recoveryBEIJING/HONG KONG : Liu Baoxiang, who runs a mahjong parlour in a city on China's rust belt, no longer splurges on extravagant fashion items after seeing the two flats he owns lose roughly a third of their value over the past two years.'I was previously considered wealthy in the area,' said Liu, who also
Read more »
Marketmind: Soft landing hopes fuel that Friday feelingA look at the day ahead in Asian markets from Jamie McGeever.Asian markets are poised to end the week on a positive note, spurred by a powerful rally on Wall Street and growing optimism that the Fed might achieve the holy grail of a 'soft landing' for the U.S. economy.Thursday's surge across U.S. m
Read more »
Tumultuous year for UK property market widens divide between rich homeowners, high-interest mortgage holdersThe war in Ukraine and the mini-budget of former Prime Minister Liz Truss last year had caused a jump in interest rates which left domestic buyers struggling.
Read more »
A platinum opportunity to enter Phnom Penh’s property marketFreehold mixed-use development Royal Platinum features well-appointed residences in a prime district.
Read more »
Employee at Chinese company wins 365 days of paid leave at annual dinnerNow he has to decide whether to encash or enjoy the paid leave. Read more at straitstimes.com.
Read more »
Employee at Chinese company wins 365 days paid leave at annual dinnerToo good to be true? An employee of an unnamed firm in Shenzhen, China, was the envy of a nation when he won a year’s worth of paid leave at his company’s annual dinner on Sunday. The man, who reportedly holds a managerial position in his firm, was seen in a
Read more »