Chinese president Xi Jinping's campaign against property speculators was a good idea at a bad time. As with prior attempts, officials bit off more than the economy can chew. Capitulation looks inevitable, says petesweeneypro
Unable to refinance and facing softening sales, weak developers defaulted on contractors, which stopped building. That prompted irate buyers in multiple cities to threaten to halt mortgage payments for unbuilt properties, a movement that’s hard to suppress. Analysts estimate between 500 and 600 million square metres could be on hold, equivalent to 10 Manhattans.
Finally, it’s hard to catch a falling knife. Funding the existing projects will end the current boycotts but won’t necessarily revive demand in a sliding market that hosts enough empty apartments for 90 million people, per Rhodium Group estimates. As developers’ cash flow woes worsen, they could put yet more projects on hold, requiring yet more intervention.
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