China's property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China Evergrande Group defaulted on its debt obligations following a clampdown on new borrowing.

Even China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country, a former official said on Saturday, in a rare public critique of the country’s crisis-hit property market.

China’s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China Evergrande Group (3333.HK) defaulted on its debt obligations following a clampdown on new borrowing.

Big-name developers such as Country Garden Holdings (2007.HK) continue to teeter close to default even to this day, keeping home-buyer sentiment depressed.

As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show.

That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres.

  • Serdan@lemm.eeEnglish
    31·
    1 year ago

    I have convictions that inform my opinions. I think it’s obvious that any decent person should hate USA, given their many, many crimes.

    I guess you could characterize all communication as propaganda, but that seems rather pointless.

    • Lemminary@lemmy.worldEnglish
      3·
      1 year ago

      It’s not pointless to say that when it’s clear that you want to drive public opinion by only emphasizing and exaggerating the bad without sources. It’s the literal definition of propaganda.

      I still welcome that list of ongoing genocides with their credible sources.

      • Serdan@lemm.eeEnglish
        1·
        1 year ago

        I’m not driving anything. I’m just a dude commenting on a public forum. You’re being very silly. 🙄

        When did I volunteer to educate you? That you can’t answer, and seemingly think the very notion is ridiculous, is exactly the point.

        • Lemminary@lemmy.worldEnglish
          1·
          1 year ago

          Then why the need to denigrate the US and insist that there are active genocides without providing evidence? This isn’t about educating anyone, it’s about supporting your own claims. Very sus.

          • Serdan@lemm.eeEnglish
            1·
            1 year ago

            No, it’s about demonstrating your ignorance of reality due to propaganda.

            Besides, it’s obvious from your tone that you’re going to dismiss anything I say. Why should I waste my time on that?

            • Lemminary@lemmy.worldEnglish
              1·
              1 year ago

              Then demonstrate it if that’s the whole point. Is it that time consuming to copy and paste a URL from your history?

              But no, you’re just gonna bail at the first person pressing you for sources. Not a good look.