Property News · September 16, 2020

China’s home foreclosures soar as nation’s debt-fuelled property bull run sputters on falling income and dim job prospects


China’s property foreclosures soared this year, as deteriorating job prospects and shrinking income amid the worst economic contraction in decades combined to weigh down on borrowers’ repayment ability, putting an end to the country’s debt-fuelled real estate rally.As many as 1.25 million homes were foreclosed in China as of September 16, according to the Taobao e-commerce platform operated by this newspaper’s owner Alibaba Group Holding, compared to 300,000 in 2019 and 180,000 foreclosures put…

Source : South China Morning Post
Read more…China’s home foreclosures soar as nation’s debt-fuelled property bull run sputters on falling income and dim job prospects

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