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China Is Finally Trying to Fix Its Housing Crisis
More than a year after one of China’s biggest real estate developers began to collapse, trouble has rippled through cities across the country. Dozens of other developers have also missed debt payments, the sale of new homes has plunged and construction cranes have come to a standstill at many sites. This week the Chinese government, which until now has stayed largely on the sidelines of the country’s housing crash, has taken its most forceful steps so far to try to minimize the damage from the turmoil that has enveloped China Evergrande Group, the world’s most heavily indebted developer, and many of its competitors. Real estate development plays an outsize role…
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China property stocks surged amid warnings of weak reality, high expectations
China’s housing prices fell in October due primarily to falling prices in less developed, so-called Tier-3 cities, according to Goldman Sachs analysis of official data. Future Publishing | Future Publishing | Getty Images BEIJING — China’s real estate sector isn’t yet poised for a quick recovery, despite a rally this month in stocks of major property developers. That’s because recent support by Beijing don’t directly resolve the main problem of falling home sales and prices, analysts say. related investing news ‘Incredibly cheap’: Strategist says Chinese tech stocks, like Alibaba, are a clear buy right now Last week, property developer stocks surged after news the central bank and banking regulator issued…
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Ennead reveals design for garden-intertwined art museum in Wuxi, China
Now approaching a ten years in procedure, the bustling Shanghai studio of New York–headquartered Ennead Architects has exposed its level of competition-winning design and style for a key arts and cultural hub in Wuxi, a historic port city of about 5 million residents in the petite-but-populous eastern Chinese province of Jiangsu. Found inside of the city’s lakefront Shangxianhe Wetland Park, the forthcoming new Wuxi Artwork Museum, considerably like the firm’s structure for the new Milwaukee General public Museum, attracts direct inspiration from regional geology shaped more than the eons by the arms of character. With the circumstance of the Wuxi Art Museum, the sprawling, multi-quantity complicated pays homage to Gongshi—or…
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Why is there a real estate crisis unfolding in China?
China’s real estate sector has a debt problem. Large property developers like the embattled company Evergrande have racked up massive amounts of debt, leading to construction stoppages and lots of angry homebuyers. Amid the turmoil, buyers across China have banded together and threatened to stop paying mortgages on over three hundred unfinished housing projects. The Chinese government could unleash bailout funding worth up to $148 billion aimed at allowing developers to finish their buildings. “Marketplace Morning Report” host David Brancaccio joined Jennifer Pak, Marketplace’s China correspondent, to go over the latest developments in the crisis. The following is an edited transcript of their conversation: David Brancaccio: So what’s this about…
