Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money.
REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsFRANKFURT, Oct. 13 (Reuters) - German Chancellor Olaf Scholz is facing fresh demands to stem a property crisis in Europe's largest economy after a recent summit aimed at rescuing the sector disbanded in acrimony.
The industry's demands reflect alarm that Germany is being sucked further into a global property rout that has been most acutely felt in China.
There is also concern that the government is dragging its feet after a contentious industry meeting with the chancellor on Sept. 25.
The number of people employed in the building sector has begun to drop for the first time in a decade.
Persons:
Kai Pfaffenbach, Olaf Scholz, Wolfgang Schubert, Raab, Schubert, Nicole Razavi, Scholz, Francesco Fedele, Kirsten Donovan
Organizations:
REUTERS, Rights, Reuters, International Monetary Fund, chancellery, Thomson
Locations:
Frankfurt, Germany, Germany's, Europe's, China, Razavi, United States