Massive Layoffs in China’s Real Estate: 500,000 Jobless, 20 Million Unfinished Buildings

Currently, more than 50 Chinese developers have defaulted on international debts. According to the grassroots think tank Keyan, which focuses on China’s real estate, about 500,000 people have lost their jobs. There are approximately 20 million residential units unfinished in China, requiring an estimated $440 billion to complete.

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