What in the World
How did 6 million people in China buy homes that don’t exist?
Oct 10, 2023
Fan Wang, a BBC reporter in Singapore, discusses societal pressures and challenges young people face to be home owners in China. Chen Yen, a journalist at BBC’s Chinese service in Hong Kong, explains the details of the housing market crisis. The podcast explores the implications of a collapse in China's property market and the risks faced by millions who paid for non-existent homes. It also delves into the growth and transformation of China's real estate industry and the role of China's pre-sell system in the crisis.
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Quick takeaways
- Millions of young people in China face societal pressure to be homeowners, exacerbating the unemployment issues faced by the younger generation.
- The property market crisis in China, driven by pre-selling apartments before they are built, poses significant risks to the economy and global markets.
Deep dives
The Chinese property market crisis and its impact on young people
The podcast episode discusses the current property market crisis in China, focusing on the case of Evergrande and Country Garden, two major property developers facing massive debts. The crisis has led to millions of people in China paying for homes that were never built, exacerbating the unemployment issues faced by young people. The high property prices in big cities make it difficult for young individuals to afford homes, and the risks have increased as flats may not be delivered even after payment. This property crisis compounds the challenges faced by young Chinese, including finding stable jobs and partners, as societal expectations dictate the need for property ownership.
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