News Snapshot:
Plummeting sales China has always had a glut of property, with so-called “ghost cities” becoming a symbol of a market where the government encouraged construction to continue despite the oversupply. This did not matter for a long time. Investors kept pouring money into bricks and mortar, confident they would get a return on their investment. That confidence has now dissolved as the property slump deepens. China’s property sales fell 26.8 per cent last year and that trend has continued in 2023 despite the abolition of President Xi Jinping’s zero-COVID policies in January. Data released last week showed new home sales...
