Page 18 - China Index Academy News Today : Breaking News, Live Updates & Top Stories | Vimarsana
The city that tells you everything about China s problems
watoday.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from watoday.com.au Daily Mail and Mail on Sunday newspapers.
The city that tells you everything about China s problems
smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.
The city that tells you everything about China s problems
theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.
Hefei, China, known for its ultramodern factories and thriving industries like electric vehicles and solar panels, is facing a decline in real estate and its devastating effects on small businesses. The city s success in nurturing technology manufacturers has led to the adoption of the Hefei model by the Chinese government, which involves using government funds to invest in manufacturers and provide attractive loans for new factories. However, the real estate market in Hefei has witnessed a significant drop in sales, leading to financial difficulties for debt-laden developers and a decline in land lease purchases from the government.
The number of foreclosed homes in China rose 43% year-on-year in 2023, highlighting a worrying trend of rising mortgage delinquencies amid a sustained property market slump. Last year, a total of 99,000 units worth a combined 150 billion yuan were successfully sold at auctions. The number of foreclosures, including commercial, residential, and industrial properties, totaled 796,000 units, a record high. The southwestern cities of Chongqing and Chengdu were the most affected by home foreclosures. E-commerce company s online auction platform has already sold 11 luxury homes worth over 10 million yuan each in January.