China’s real estate meltdown

Once the backbone of China’s economy, the value of real estate is tumbling in the wake of President Xi Jinping’s “common prosperity” drive, which aimed to make homes more affordable

MONTH-ON-MONTH CHANGE IN HOME PRICES
(based on newly built homes in 70 Chinese cities, %)

President Xi Jinping: Crackdown on property boom leads to slump in real estate that has hit household wealth

Sep 2016: 1.81%

Jan 2020: Covid-19 lockdowns begin

Aug 2021: Common prosperity drive begins

Home prices down to lowest since 2015

Oct 2023: -0.37%

2.0 
1.5 
1.0 
0.5 
0 
-0.5

2015 2016 2017 2018 2019 2020 2021 2022 2023


Sources: Bloomberg, IMF, China Briefing 
Picture: Getty Images
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