China's big housing experiment

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Dec. 28, 2022

Unfinished apartment buildings in Wuhan, China.  Photographer: Andrea Verdelli/Bloomberg

Read the story China's unprecedented $1.3 trillion crackdown on its frothy housing market has largely achieved its goal of lowering risk after kneecapping the country's over-leveraged developers. But on the key metric of housing affordability, so central to President Xi Jinping's "common prosperity" push, the results are much more mixed. For all the pain inflicted on real estate companies and bondholders, housing remains stubbornly expensive in cities like Shenzhen, the world's most unaffordable market. Now, Chinese homebuyers are questioning whether it was all worth it. Read The Big Take.

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