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Big Take Asia
China Had a Plan to Rescue Its Housing Market. It’s Not Working.
Dec 17, 2024
Lulu Chen, Bloomberg's editor for Asia Finance, delves into China's housing market crisis. She reveals how tens of millions of empty apartments and cash-strapped developers underscore the situation's severity. The discussion highlights Zhengzhou, a city battling the fallout, and the government's questionable initiatives to transform unsold units into affordable housing. Chen emphasizes the profound economic implications if the rescue efforts falter, raising concerns about homebuyer confidence and the potential long-term effects on China's economy.
14:34
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Quick takeaways
- China's property crisis has resulted in a surplus of vacant homes and a significant decline in property values affecting the economy.
- Zhengzhou is testing government strategies to resolve the housing crisis, yet low demand and price decline hinder effective recovery efforts.
Deep dives
Introduction of Teen Accounts on Instagram
Instagram is implementing teen accounts to ensure the safety and well-being of young users online. These accounts come with automatic protections that limit who can contact teens and what types of content they can view. The intention behind this initiative is to give parents peace of mind while allowing teens to explore social media in a safer environment. This move reflects a growing concern regarding the mental health and privacy of adolescents on social media platforms.
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