Nurphoto | Nurphoto | Getty ImagesBEIJING — Demand for new housing in China is set to drop by around 50% over the next decade, making it harder for Beijing to quickly bolster the country's overall growth.
China's real estate sector and related industries have accounted for about a quarter of the country's gross domestic product.
Zhang said China's housing demand would remain large, and policy support would gradually kick in.
"Therefore, a significant decline in housing demand is very unlikely to happen," he said.
The IMF report compared housing demand and new starts from the 2012 to 2021 period with estimates for 2024 to 2033.
Persons:
Zhengxin Zhang, Zhang, Evergrande, Sonali Jain, Chandra, Nir Klein
Organizations:
Nurphoto, Getty, International Monetary Fund's, IMF, U.S ., People's Bank of China
Locations:
Huai'an, China, BEIJING, Beijing, Evergrande, Hong Kong, Asia, Pacific