China’s property sector financial woes rippling through wider economy скачать в хорошем качестве

China’s property sector financial woes rippling through wider economy

The financial woes of China’s largest property developers are rippling through the country’s economy, as lawsuits pile up with businesses and workers owed hundreds of billions in payment. The country’s ongoing property crisis was triggered by the government’s attempt to reform and de-leverage the sector to prevent a housing bubble. Real estate forms the backbone of China’s economy, contributing about 30 per cent of its gross domestic product, with some 80 per cent of residents' wealth locked in the sector. Experts told CNA the sector is undergoing a long-term transition, as China has to wean its reliance on the sector given its shifting population trends. CNA’s Low Minmin reports. Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service for must-read stories: Telegram - https://cna.asia/telegram WhatsApp - https://cna.asia/whatsapp Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook:   / channelnewsasia   Instagram:   / channelnewsasia   Twitter:   / channelnewsasia   TikTok:   / channelnewsasia