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Most pressing, however, is its real estate trouble, which the International Monetary Fund characterized as a historic bust matching levels only seen in the worst collapses of the last three decades. AdvertisementYears of overreliance on real estate as an engine of the economy has led to a buildup of risks, the researchers said. Now, Beijing must clean up distressed developers like Evergrande and Country Garden, support falling real estate prices, and figure out how to put the sector on a more sustainable path. The collapse has transpired at "a historically rapid pace only seen in the largest housing busts in cross-country experience in the last three decades," researchers said. "Large public subsidies in the previous decade helped millions of people move to newer housing from older buildings lacking modern amenities.
Persons: Henry Hoyle, Sonali Jain, Chandra, homebuyers Organizations: International Monetary, Business, Housing, IMF Locations: Beijing, China
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
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