Financial TimesFinancial Times

China’s property crash: ‘a slow-motion financial crisis’

By Thomas Hale, Sun Yu, James Kynge

04 Oct 2022 · 10 min read

Editor's Note

Read this fascinating FT analysis to learn how the property market crash in China will have repercussions that will be felt globally.

Lucy Wang finds herself at the sharp end of crisis seeping through China’s property market. She once dreamt that buying an under-construction apartment in the northern city of Zhengzhou would be her ticket to a new life.

For a young woman from a farming village, the Rmb250,000 ($34,839) down payment she used to secure the property represented a big outlay. Half of the money had come from her parents, who had put aside years of meagre savings from selling the potatoes and wheat they grew on the family plot.

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