BEIJING: Real estate agents have been calling Daisy Wu non-stop to get her to buy an apartment in the southern Chinese city of Shenzhen, but the 28-year-old said she was too worried about the slowing economy to consider making a purchase. Wu's concerns belie a raft of measures rolled out by the Beijing gov
BEIJING: Real estate agents have been calling Daisy Wu non-stop to get her to buy an apartment in the southern Chinese city of Shenzhen, but the 28-year-old said she was too worried about the slowing economy to consider making a purchase.
The slump in the property market is driven by more fundamental factors than the cost of borrowing, including broader debt worries in the economy, white-collar workers taking pay cuts, and a demographic downturn."Although China has cut mortgage rates a few times since 2022, households do not seem to bother," Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis, said in a note.
John Lam, head of China and Hong Kong property at UBS Investment Bank Research, expects more easing measures to be announced soon, but still sees property transactions dropping by about 15 per cent in the second half of the year and by another 10 per cent in 2024.
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.
China issues highest typhoon warning as Saola moves towards Hong KongBEIJING — China issued the highest typhoon warning on Thursday (Aug 31) as Typhoon Saola crawled closer to the southeastern coastline, threatening Hong Kong and other major manufacturing hubs in neighbouring Guangdong province.
Read more »
Malaysia, India protest against China's new map staking claims over disputed territories; Indonesia seeking clarity on issueSINGAPORE: Malaysia has joined India in protesting against China’s claims over disputed territories staked in its newly published map, while Indonesia says it is seeking more details on the issue through its embassy in Beijing. China’s Ministry of Natural Resources on Monday (Aug 28) issued the '
Read more »
China issues highest typhoon warning as Saola moves towards Hong KongBEIJING - China issued the highest typhoon warning on Thursday (Aug 31) as Typhoon Saola, packing winds of more than 200 kph, headed towards the south-eastern coastline, threatening Hong Kong and other major manufacturing hubs in nearby Guangdong province. Chinese forecasters issued a typhoon red warning at 6am local time. China's National Meteorological Center said Saola, currently located about 295km...
Read more »
China ramps up economic support as Country Garden vote loomsBEIJING: China stepped up measures to boost the country's faltering economy on Friday (Sep 1), with top banks paving the way for further cuts in lending rates and authorities reducing the amount of funds institutions need to hold in foreign exchange reserves. China is grappling with a slowdown that has rat
Read more »
China’s too-big-to-fail property giants the tip of real estate crisis as ‘suppliers are being dragged to death’If you ask small business owner Bill Ye, the writing was on the wall for China’s embattled property sector long before Country Garden said its net losses in the first
Read more »
Japan PM pledges to help fishing industry after China seafood ban over Fukushima treated waterJapan will tap additional funds to help the fisheries industry. Read more at straitstimes.com.
Read more »